The Reserve Bank of India has imposed a monetary penalty of Rupees one lakh on Uma Co-operative Bank located in Vadodara in Gujarat.
Urban Cooperative bank was penalized as it did not adhere to Know Your Customer (KYC) norms.
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 as also personal submissions in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of the penalty.
