Magadh Central Co-Op Bank Fined By RBI For Non-Compliance With KYC Guidelines

Magadh Central Co-operative Bank Ltd. in Bihar has been penalised Rs 1 lakh by the RBI for failing to comply with KYC guidelines. The bank did not implement a system for mandatory six-monthly reviews of account risk classifications.

In separate news, RBL Bank announced Narendra Agrawal's appointment as president, overseeing branch banking and retail liabilities. It has also appointed TS Pari as the chief operations officer, as per an official statement.

General insurer ICICI Lombard on Monday launched an 'all-risk' cover solution for businesses.

Non-bank lender Poonawalla Fincorp on Monday launched a digital personal loan offering for salaried professionals.

The offering, which comes at a time when concerns have been raised about exposures to the unsecured loans segment at the industry level, will give instant approvals for up to Rs 15 lakh, as per an official statement.

(With inputs from PTI).