The Reserve Bank of India has imposed a monetary penalty of Rs five lakh on the Pusad Urban Co-operative Bank based in District Yavatmal in the state of Maharashtra.
The regulator has found it violating on the Know Your Customer norms and other 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.