Case Brief
The Reserve Bank of India has penalised National Urban Co-operative Bank Limited, New Delhi by imposing a monetary penalty of Rs 2 lakh under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the bank had violated its instructions/guidelines on unsecured personal loans and had KYC deficiencies. After issuing a show-cause notice and considering the bank’s written reply, RBI concluded that the violations were substantiated and that penalty was warranted.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- New Delhi, Delhi
- Order Date