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RBI slaps Rs 5 lakh penalty on Latur Urban Co-operative Bank

By Religare
|

The Reserve Bank of India said that it has imposed a monetary penalty of Rs 5 lakh on Latur Urban Co-operative Bank Ltd. for violation of the Know Your Customer norms and RBI instructions.

"The RBI has imposed a monetary penalty of Rs 5.00 lakh on Latur Urban Co-operative Bank Ltd., Latur in exercise of powers vested in it under the provisions of Section 47A (1) (b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) for violation of the Know Your Customer norms and RBI instructions," RBI said in a notification.

 

The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply.

After considering the facts of the case and the bank's reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty.

Story first published: Tuesday, August 25, 2015, 23:00 [IST]
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