Case Brief
What Happened
By an order dated November 19, 2024, RBI imposed a monetary penalty on RBL Bank Limited for non-compliance with certain RBI directions on Know Your Customer. Following supervisory inspection, a show-cause notice, and consideration of the bank’s reply and oral submissions, RBI sustained charges that the bank did not obtain a prescribed Officially Valid Document while opening certain credit card accounts and allotted multiple Customer Identification Codes to certain customers instead of a Unique Customer Identification Code. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.