Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹4 lakh on Bicholim Urban Co-operative Bank Limited, Bicholim, Goa, by order dated October 07, 2021. RBI said the bank had contravened or failed to comply with directions on Exposure Norms and Statutory/Other Restrictions for UCBs, Board of Directors for UCBs, and Know Your Customer (KYC) norms. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after considering the bank’s written reply, oral submissions, and additional submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 4.00 L
- Entity Type
- Co-operative bank
- Location
- Bicholim, Goa
- Order Date