India, June 23 -- The Reserve Bank of India (RBI) has imposed a penalty of Rs 3 lakh on Sultanpur Jilla Sahkari Bank Ltd., Uttar Pradesh, for non-compliance with regulatory guidelines related to Credit Information Companies (CICs), KYC norms, and the transfer of unclaimed deposits.
The action follows a NABARD inspection as of March 31, 2025, which found that the bank failed to submit borrower data to all CICs, review customer risk categorisation periodically, implement adequate suspicious transaction monitoring systems, and transfer eligible unclaimed funds to the Depositor Education and Awareness Fund within the prescribed timeframe.
RBI clarified that the penalty is based on regulatory compliance deficiencies and does not affect the val...