The Reserve Bank of India has imposed a monetary penalty of ₹ 1,00,000/- (Rupees One Lakh Only) on National Urban Co-operative Bank Ltd., Bahraich, (U.P.) in exercise of powers vested under the provisions of Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) for violation of RBI Instructions/Guidelines relating to delay in submission of compliance to Inspection Report of RBI, Know Your Customer (KYC) guidelines, Supervisory Instructions issued under Section 36(1) of the Banking Regulation Act, 1949 (AACS), Membership of Credit Information Companies and Prudential Norms on Inter-bank Gross and Counter Party Exposure Limits.
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, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty.
Chief General Manager
Press Release : 2018-2019/3046