RBI imposes monetary penalty on The Vaish Co-operative Adarsh Bank Limited, New Delhi

Case Brief

The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on The Vaish Co-operative Adarsh Bank Limited, New Delhi. The penalty was issued under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 after RBI’s inspection and subsequent show-cause proceedings. RBI found that the bank had not complied with its Know Your Customer (KYC) Directions, 2016, and specifically sustained the charge of allotting multiple UCICs to customers.