Case Brief
The Reserve Bank of India imposed a monetary penalty on Shri Laxmikrupa Urban Co-operative Bank Limited, Pune for non-compliance with RBI directions on KYC. RBI said its inspection revealed that the bank had not conducted periodic review of the risk categorisation of its customers. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after considering the bank’s reply, oral submissions, and additional submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra
- Order Date