The Reserve Bank of India has imposed a monetary penalty of ?2 lakh on Pune People’s Co-operative Bank Limited, for contravention of directions issued by RBI on ‘Know Your Customers’.
This penalty has been imposed taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, clarifies RBI.
The inspection report of the bank based on its financial position as on March 31, 2020, revealed, inter alia, non-compliance with aforesaid directions issued by the RBI.
