Case Brief
The Reserve Bank of India imposed a monetary penalty on The Uttarpara Co-operative Bank Ltd., West Bengal, by order dated June 21, 2023. The penalty was levied under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949 after RBI found contraventions of directions on Exposure Norms and Statutory / Other Restrictions – UCBs and Know Your Customer (KYC). The inspection reported failures relating to Prudential Inter-bank Counter-Party Limit, Prudential Inter-bank (Gross) Exposure Limit, and allotment of Unique Customer Identification Code (UCIC). RBI concluded that the charge of non-compliance was substantiated and imposed a fine of Rs 2,50,000.
Action Snapshot
- Primary Impact
- Fine: Rs 2.50 L
- Entity Type
- Co-operative bank
- Location
- Uttarpara, West Bengal