📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      Under which statutory provisions of the Banking

      Regulation Act, 1949, did the Reserve Bank of India impose the ₹50,000 penalty on Sikkim State Co-operative Bank Ltd. on 8 September 2025?
      A Section 35A read with Section 56 Correct Answer Incorrect Answer
      B Section 47A(1)(c) read with Sections 46(4)(i) and 56 Correct Answer Incorrect Answer
      C Section 24(2A) read with Section 42(1) Correct Answer Incorrect Answer
      D Section 10(1) read with Section 29 Correct Answer Incorrect Answer
      E Section 45L read with Section 21 Correct Answer Incorrect Answer

      Solution

      The monetary penalty of ₹50,000 on Sikkim State Co-operative Bank Ltd. was imposed using the enforcement powers provided by Section 47A(1)(c) (which enables the RBI to penalize for non-compliance) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949. This followed supervisory findings of non-compliance with KYC directions—specifically, failure to upload customer KYC records to the CKYCR within the prescribed timeline—established during an inspection.

      Practice Next
      More Beepedia Questions

      Relevant for Exams:

      ask-question