India, March 13 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 50,000 on Walchandnagar Sahakari Bank Ltd, Walchandnagar, Maharashtra, for non-compliance with certain directions related to Know Your Customer (KYC) norms.
The penalty was imposed through an order dated March 11, 2026, under the powers granted to RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
The action follows a statutory inspection conducted by RBI with reference to the bank's financial position as of March 31, 2025. Based on supervisory findings of regulatory lapses, the central bank issued a show-cause notice to the bank asking why a penalty should not be imposed.
After reviewing the bank's res...