Case Brief
By an order dated August 10, 2023, RBI imposed a monetary penalty of ₹4.00 lakh on Walchand Nagar Sahakari Bank Ltd., Pune, Maharashtra. The penalty was for non-compliance with provisions of RBI’s Know Your Customer (KYC) Direction, 2016, specifically the failure to allot Unique Customer Identification Code (UCIC) to individual customers and to conduct periodic review of the risk categorisation of accounts. RBI said the action was based on deficiencies in regulatory compliance and was not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Action Snapshot
- Primary Impact
- Fine: Rs 4.00 L
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra