National Urban Co-op Bank, Bahraich penalized

The Reserve Bank of India has imposed a monetary penalty on National Urban Co-operative Bank Ltd., Bahraich, Uttar Pradesh in exercise of powers vested in it.

The UCB was penalized for the violation of RBI Instructions/Guidelines on classification of investments into HTM/AFS/HFT categories, conducting Concurrent Audit, Prudential Norms on Inter-bank Gross Exposure and Counter Party Limit and Know Your Customer Norms.

The Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank had submitted a written reply.

After considering the facts of the case, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty.

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