Case Brief
The Reserve Bank of India imposed a monetary penalty on The Urban Co-operative Bank Limited, Rourkela for contravention of RBI directions on KYC and Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks. RBI said inspection findings showed failures in customer due diligence, customer identification, and cheque book issuance-related instructions, and the bank’s explanation did not change the conclusion that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 6.00 L
- Entity Type
- Co-operative bank
- Location
- Rourkela, Odisha
- Order Date