The Reserve Bank of India has imposed a monetary a hefty penalty on The Cooperative City Bank based in Guwahati in exercise of the powers vested in it.
The UCB was found violating on Guidelines on Know Your Customers Norms and and non-adherence to requirements relating to identification and reporting of suspicious transactions, besides other things.
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 penalty.