India, May 3 -- The Reserve Bank of India (RBl) has, by an order dated April 23, 2024, imposed a monetary penalty of ?5.00 lakh (Rupees Five lakh only) on Lokmangal Co-operative Bank Limited, Solapur (the bank) for non-compliance with the directions issued by RBI on Know Your Customers (KYC). This penalty has been imposed in exercise of powers vested in RBI, conferred 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 RBI with reference to its financial position as on March 31, 2022. Based on supervisory finding of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank a...