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?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.
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