Monetary Penalty on The United Puri-Nimapara Central Co-operative Bank Limited
RBI press-release 2026-2027/715 · 20 Jul 2026
Official title
RBI imposes monetary penalty on The United Puri-Nimapara Central Co-operative Bank Limited, Odisha
RBI press-release 2026-2027/715 · 20 Jul 2026
Official title
RBI imposes monetary penalty on The United Puri-Nimapara Central Co-operative Bank Limited, Odisha
Summary
Check the official recordThe Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3 lakh on The United Puri-Nimapara Central Co-operative Bank Limited, Odisha, for failing to comply with KYC regulatory directions. Specifically, the bank did not upload customer KYC records to the Central KYC Records Registry (CKYCR) within the mandated timelines. This penalty was issued following a statutory inspection by NABARD regarding the bank's financial position as of March 31, 2025, and a subsequent show-cause process. The RBI clarified that this action is based on regulatory deficiencies and does not affect the validity of any transactions or agreements between the bank and its customers.
Key dates
Who is affected
Thresholds
If you do not comply
July 20, 2026
RBI imposes monetary penalty on The United Puri-Nimapara Central Co-operative Bank Limited, Odisha
The Reserve Bank of India (RBI) has, by an order dated July 14, 2026, imposed a monetary penalty of ₹3 lakh (Rupees Three Lakh only) on The United Puri-Nimapara Central Co-operative Bank Limited, Odisha (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 National Bank for Agriculture and Rural Development (NABARD) 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 Central KYC Records Registry (CKYCR) within the prescribed timeline.
This action is based on deficiency 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: 2026-2027/715 Chief General Manager ᮧेस ᮧकाशनी PRESS RELEASE
भारतीय ᳯरज़वर् बᱹक
RESERVE BANK OF INDIA
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