Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹50,000 on Tirupati Urban Co-operative Bank Ltd., Nagpur by order dated January 4, 2023. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949 for contravention / non-compliance with RBI directions issued to urban co-operative banks on Know Your Customer (KYC). RBI noted that the bank had not carried out periodic updation of KYC of its customers. After considering the bank’s replies and oral submissions in the personal hearing, RBI concluded the non-compliance was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Nagpur, Maharashtra