Case Brief
RBI imposed a monetary penalty of Rs 2 lakh on The National Central Cooperative Bank Limited, Bettiah, for contravention of RBI directions relating to the Depositor Education and Awareness Fund and Know Your Customer (KYC). The inspection found that the bank had not transferred eligible balances to the Fund and had not properly categorised customers according to risk perception. RBI said the penalty was imposed under the Banking Regulation Act after considering the bank's reply and submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Bettiah, Bihar
- Order Date