The Reserve Bank of India had imposed a monetary penalty on Bhilai Nagrik Sahakari Bank Maryadit, Bhilai last month in exercise of the powers vested in it.
The UCB was found guilty of violation of guidelines on “Know Your Customer” Norms issued by the Reserve Bank.
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 concluded that the violations were substantiated and warranted imposition of penalty.