The Reserve Bank of India has imposed a monetary penalty of Rs five lakh on Latur Urban Co-operative Bank.
The UCB was found guilty of violation of the Know Your Customer norms and RBI instructions.
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.
