Ratnagiri, 25th August 2023: The Reserve Bank of India (RBI) has issued an order dated August 17, 2023, imposing a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on Ratnagiri Urban Co-operative Bank Ltd., located in Ratnagiri, Maharashtra. The penalty has been levied due to the bank’s failure to adhere to specific provisions outlined in the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’. This penalty has been imposed using the authority vested in the RBI under the provisions of section 47 A (1) (c) in conjunction with section 46 (4) (i) and section 56 of the Banking Regulation Act, 1949.
It is important to note that this action has been taken due to identified lapses in regulatory compliance and is not intended to pass judgment on the validity of any transaction or agreement executed by the bank with its customers.
