Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹50,000 on The Amravati District Central Co-operative Bank Ltd., Maharashtra. The penalty was imposed after supervisory findings and a show-cause process, and RBI held that the bank had not complied with certain directions on KYC and on ensuring reasonableness of bank charges and charges levied for sending SMS alerts. RBI found that the bank had allotted multiple customer identification codes instead of a UCIC for some customers and had levied SMS alert charges without sending SMS to certain customers.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Amravati, Maharashtra
- Order Date