Monetary Penalty on The Nabapalli Cooperative Bank Limited · 2026-2027/544
RBI press-release 2026-2027/544 · 25 Jun 2026
Official title
RBI imposes monetary penalty on The Nabapalli Cooperative Bank Limited, West Bengal
RBI press-release 2026-2027/544 · 25 Jun 2026
Official title
RBI imposes monetary penalty on The Nabapalli Cooperative Bank Limited, West Bengal
Summary
Check the official recordThe Reserve Bank of India imposes a monetary penalty of ₹3 lakh on The Nabapalli Cooperative Bank Limited. The bank failed to upload customer KYC records to the Central KYC Records Registry within the prescribed timeline. This penalty follows a statutory inspection of the bank financial position as of March 31, 2025. The Reserve Bank of India issued the penalty for non-compliance with its directions on Know Your Customer. This action does not affect the validity of any transaction or agreement between the bank and its customers. The Reserve Bank of India may initiate other actions against the bank in addition to this penalty.
Key dates
Who is affected
Thresholds
If you do not comply
June 25, 2026
RBI imposes monetary penalty on The Nabapalli Cooperative Bank Limited, West Bengal
The Reserve Bank of India (RBI) has, by an order dated June 22, 2026, imposed a monetary penalty of ₹3 lakh (Rupees Three Lakh only) on The Nabapalli Cooperative Bank Limited, West Bengal (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
The statutory inspection of the bank was conducted by the RBI with reference to its financial position as on March 31, 2025. Based on supervisory findings of non- compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:
The bank had failed to upload the KYC records of customers onto the Central KYC Records Registry (CKYCR) within the prescribed timeline.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.
(Brij Raj) Press Release: 2026-2027/544 Chief General Manager
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ǐरज़वर् बैंक
RESERVE BANK OF INDIA
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