Case Brief
By an order dated June 03, 2024, RBI imposed a monetary penalty on The Angul United Central Co-operative Bank Ltd., Odisha under the Banking Regulation Act, 1949. The penalty followed NABARD's statutory inspection and RBI's supervisory findings that the bank had not implemented a risk-based approach for periodic updation of KYC, contrary to the Master Direction on KYC Direction, 2016.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Odisha
- Order Date