Uma Co-operative Bank Ltd., Vadodara (Gujarat) – Penalised
Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Uma Co-operative Bank Ltd., Vadodara (Gujarat) under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank had not adhered to Know Your Customer (KYC) norms. After considering the bank’s written reply and personal submissions, RBI concluded that the violations were substantiated and merited penalty.
RBI imposed a monetary penalty under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) after concluding that Uma Co-operative Bank Ltd., Vadodara (Gujarat) had failed to comply with Know Your Customer (KYC) norms. The bank had submitted a written reply to the show-cause notice and made personal submissions, but RBI found the violations substantiated and warranting penalty.
Severity Assessment
This is a monetary penalty of Rs 1 lakh, which falls in the lowest monetary band and has no additional operational restriction floor.
The bank must absorb the financial penalty and continue operating, but the finding signals regulatory non-compliance in KYC controls. No direct operational restriction is stated in this release.
Published as Uma Co-operative Bank Ltd., Vadodara (Gujarat)
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