Case Brief
RBI imposed a monetary penalty on The United Puri-Nimapara Central Co-operative Bank Ltd., Puri, Odisha, by order dated July 21, 2022. The penalty was levied for contravention/non-compliance with RBI directions on KYC after an inspection found that the bank did not undertake risk categorisation of customers and did not periodically update customers' KYC profiles. The penalty was imposed 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 2.00 L
- Entity Type
- Co-operative bank
- Location
- Puri, Odisha
- Order Date