Economy
RBI Fines Bihar Cooperative Bank ₹5 Lakh Over Delayed KYC Uploads
The RBI penalised The Monghyr-Jamui Central Co-operative Bank ₹5 lakh for late customer KYC uploads to the CKYCR.
What happened
The RBI’s September 25, 2026 order found that the Bihar cooperative bank failed to upload customers’ KYC records to the Central KYC Records Registry within the prescribed timeline. The penalty followed a NABARD inspection based on the bank’s financial position on March 31, 2026, and subsequent supervisory proceedings.
Why it matters
The bank faces a ₹5 lakh regulatory penalty for a KYC compliance failure, though RBI said the action does not invalidate customer transactions or agreements.
Source: RBI