Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹4 lakh on Excellent Co-operative Bank Ltd., Mumbai, by order dated June 23, 2021. RBI said the bank contravened directions on Maintenance of Deposit Accounts and Know Your Customer (KYC) norms. The inspection found no system for periodic updation of customer KYC information and no annual review of inoperative accounts. RBI issued a show-cause notice, considered the bank's reply, and concluded that the violations were substantiated under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 4.00 L
- Entity Type
- Co-operative bank
- Location
- Mumbai