India, April 24 -- The Reserve Bank of India has imposed a monetary penalty of Rs 1 lakh on Hardoi Jilla Sahkari Bank Ltd., Uttar Pradesh, for non-compliance with its 'Know Your Customer' (KYC) norms.
The penalty, ordered on April 21, 2026, has been levied under the Banking Regulation Act. It follows a statutory inspection conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to the bank's financial position as on March 31, 2025.
Based on supervisory findings, the RBI issued a notice to the bank. After reviewing its response, the central bank found that the bank had failed to implement a system for periodic review of risk categorisation of accounts, which is required to be carried out at least once every...