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TOG NEWS

RBI penalizes bank for violation of KYC guidelines
By TOG News Service
May 24, 2019

TOG NEWS SERVICE, NEW DELHI, MAY 24, 2019: THE Reserve Bank of India yesterday imposed a monetary penalty of Rs 50,000/- on United India Co-operative Bank Ltd., Nagina, (U.P.) in exercise of powers vested in it under the provisions of Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 as applicable to Co-operative Societies. Such penalty was imposed for violation of RBI Instructions/Guidelines on Know Your Customer and submission of compliance to RBI Inspection Report.

The Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case, the bank's reply in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty.