Question
How much monetary penalty did the RBI impose on Belgaum
District Revenue Employees’ Co-operative Bank for failing to comply with KYC directions?Solution
The Reserve Bank of India (RBI) imposed a monetary penalty of ₹50,000 each on Belgaum District Revenue Employees’ Co-operative Bank, Batlagundu Co-operative Urban Bank, and Sivakasi Co-operative Urban Bank for non-compliance with KYC directions. Specifically, these banks failed to upload customer KYC records to the Central KYC Records Registry (CKYCR) within the prescribed timeline.
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