Case Brief
RBI imposed a monetary penalty on Kolkata Police Co-operative Bank Ltd., Kolkata, West Bengal, by order dated March 24, 2023. The penalty was levied for contravention of, and non-adherence with, certain provisions of the RBI (Know Your Customer (KYC)) Direction, 2016. The inspection found that the bank had failed to comply with directions relating to periodic review of risk categorisation of accounts and allotment of Unique Customer Identification Code (UCIC). After a show-cause notice, the bank's reply and submissions were considered, and RBI concluded that the charges were substantiated and warranted penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.10 L
- Entity Type
- Co-operative bank
- Location
- Kolkata, West Bengal