Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Uma Co-operative Bank Ltd., Vadodara (Gujarat) under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank had not adhered to Know Your Customer (KYC) norms. After considering the bank’s written reply and personal submissions, RBI concluded that the violations were substantiated and merited penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat
- Order Date