The Reserve Bank of India has imposed a monetary penalty on United India Co-operative Bank Ltd., Nagina, (U.P.) in exercise of powers vested in it under.
The UCB was found guilty of violation of RBI Instructions/Guidelines on Know Your Customer and submission of compliance to RBI Inspection Report.
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 bank’s reply in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty.