Case Brief
RBI, by an order dated December 07, 2022, imposed a monetary penalty on The Tura Urban Cooperative Bank Ltd., Meghalaya for non-adherence to specific directions issued under the Supervisory Action Framework and certain provisions of the RBI's KYC Directions, 2016. The inspection found that the bank had not put in place a system for periodic review of risk categorisation of accounts. After show-cause proceedings and a personal hearing, RBI concluded that the violations were substantiated and imposed the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.50 L
- Entity Type
- Co-operative bank
- Location
- Meghalaya
- Order Date