Case Brief
By an order dated November 17, 2023, RBI imposed a monetary penalty of ₹1.00 lakh on Patan Co-operative Bank Limited, Mumbai, Maharashtra. The penalty was for non-compliance with RBI’s KYC Directions, 2016, specifically the bank’s failure to carry out periodic review of risk categorisation of accounts. RBI said the action was based on deficiencies in regulatory compliance and does not pronounce on the validity of any transaction or agreement entered into by the bank with its customers.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra
- Order Date