RBI imposes monetary penalty on The Rohika Central Co-operative Bank Limited, Madhubani, Bihar

The Reserve Bank of India (RBI) imposed a ₹1.50 lakh penalty on The Rohika Central Co-operative Bank Limited, Madhubani, Bihar, for non-compliance with RBI's 'Know Your Customer (KYC)' directions. The penalty, enforced under the Banking Regulation Act, 1949, follows a statutory inspection by NABARD, revealing the bank's failure to risk-categorize customers, periodically review risk categorization, and update KYC documents. This penalty addresses regulatory compliance deficiencies without affecting the validity of any transactions or agreements with customers.