The Reserve Bank of India has imposed a monetary penalty on the Uravakonda Co-operative Town Bank based in Uravakonda, Andhra Pradesh, in exercise of the powers vested in it.
The UCB was guilty of violation of KYC direction, non-submission of returns and non- submission and wrong submission of compliance 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 and personal hearing, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty.