Case Brief
RBI imposed a monetary penalty of Rs 50,000 on Tura Urban Co-operative Bank Ltd., Tura (Meghalaya) by order dated July 28, 2022. The action was taken under Section 47-A(1)(c) read with Section 46(4) and Section 56 of the Banking Regulation Act, 1949 (as applicable to co-operative societies) for failure to comply with RBI’s Know Your Customer (KYC) Directions, 2016. RBI said the deficiencies emerged during scrutiny related to exchange of specified bank notes, and after issuing a show-cause notice and reviewing the bank’s reply and additional submissions, it concluded that the non-compliance warranted penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Tura, Meghalaya