In a late news coming to Indian Cooperative desk, it is known that the Reserve Bank of India has imposed a monetary penalty on National Urban Co-operative Bank based in Bahraich, (U.P.).
The UCB was faulted for violation of RBI Instructions and Guidelines relating to delay in submission of compliance to Inspection Report of RBI, Know Your Customer (KYC) guidelines.
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, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty.