Case Brief
RBI imposed a monetary penalty of ₹2 lakh on National Co-operative Bank Ltd., Mumbai by order dated January 25, 2022. The penalty was imposed for contravention of RBI’s Know Your Customers (KYC) Directions, 2016. RBI’s inspection found that the bank had not put in place a system for periodical review of risk categorization of accounts. After considering the bank’s reply to the show-cause notice, RBI concluded that the non-compliance was substantiated and penalized the bank under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra
- Order Date