Regulatory Alerts2026-06-08
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RBI imposes monetary penalty on The Karnal Central Cooperative Bank Limited, Haryana
The Reserve Bank of India imposes a monetary penalty of ₹3 lakh on The Karnal Central Cooperative Bank Limited, Haryana for non-compliance with Know Your Customer directions. The penalty is based on supervisory findings that the bank failed to implement a system for periodic review of risk categorisation of accounts and lacked robust software for identifying and reporting suspicious transactions. This action is taken under Sections 47A(1)(c), 46(4)(i), and 56 of the Banking Regulation Act, 1949, following a statutory inspection by NABARD.
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