Case Brief
What Happened
RBI imposed a monetary penalty of ₹70 lakh on Bank of India by order dated July 7, 2022. The penalty was for non-compliance with RBI directions on KYC and instructions on compliance functions in banks. RBI's supervisory review found that the bank failed to allot Unique Customer Identification Code (UCIC) to a large number of customers and did not complete the process even after extended timelines. Following a show-cause notice and hearing, RBI held the non-compliance substantiated and imposed the penalty under the Banking Regulation Act, 1949.