RBI imposes monetary penalty on The Bank Employees’ Co-operative Bank Ltd., West Bengal

The Reserve Bank of India (RBI) has imposed a ₹1 lakh penalty on The Bank Employees’ Co-operative Bank Ltd., West Bengal, for non-compliance with 'Know Your Customer (KYC)' directions. Following a statutory inspection, the penalty was enforced for failing to implement a system for periodic review of risk categorisation of accounts. This action addresses regulatory compliance deficiencies and does not affect the validity of transactions or agreements with customers, nor does it preclude any other actions RBI may take against the bank.