The Reserve Bank of India has imposed a monetary penalty on the Imperial Urban Co-operative Bank Ltd, Faizabad, Uttar Pradesh.
The Urban Cooperative bank was found violating the RBI norms on the count of incorrect reporting of information in the Form I relating to CRR/ SLR and incorrect computation of DTL.
It was also found by the regulating bank that the UCB is indulging into violation of KYC guidelines i.e., non-preparation of risk profiles of all customers and non-fixing of threshold limit.
Also there was violation of Prudential Inter-bank (Gross) Exposure Limit and Prudential Inter-bank Counter Party Limit, read an RBI’s press release.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted its written reply.
After considering the facts of the case and 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.
