Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹2.00 lakh on Dhakuria Cooperative Bank Limited, Kolkata, West Bengal. RBI said the bank had failed to adhere to directions on 'Exposure Norms and Statutory / Other Restrictions – UCBs' and Know Your Customer (KYC) directions. 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 an inspection of the bank's position as of March 31, 2020 found non-compliance and a notice-to-show-cause process concluded that the charges were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Kolkata, West Bengal