The Reserve Bank of India has imposed a monetary penalty of Rs five lakh rupees on National Urban Co-operative Bank Ltd., Pratapgarh, Uttar Pradesh in exercise of powers vested in it.
The UCB was fined for the violation of RBI Instructions and Guidelines on Exposure Norms and Statutory, Other Restrictions, Know Your Customer Norms and Obtaining Membership of Credit Information Companies (CICs).
The Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank had submitted a written reply.
After considering the facts of the case, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty.
