RBI Fines Murshidabad DCCB ₹2.10 Lakh for Skipping KYC and Credit Reporting — Is Anyone Surprised?
At a glance: On May 22, 2025, the Reserve Bank of India (RBI) imposed a ₹2.10 lakh penalty on Murshidabad District Central Co-operative Bank Ltd., West Bengal. Why? For failing to follow basic KYC norms, risk categorisation of customers, and not reporting borrower info to credit information companies (CICs) — i.e., things every co-op bank should do… but somehow didn’t.
What’s the case?
This isn’t just some random fine. RBI has cited:
Non-compliance with KYC guidelines
Failure to be an active member of Credit Information Companies
Violations of Section 47A(1)(c) under the Banking Regulation Act, 1949
And lapses under the Credit Information Companies (Regulation) Act, 2005
But it all began with a NABARD inspection on the bank’s books as of March 31, 2024, and what they found was… let’s just say, worthy of a slow clap.
The Violations (or Let’s Call Them “How to Get Penalised by RBI”)
