RBI imposes Rs 7 lakh penalty on 2 banks for violation of KYC, different norms

Image Source : FILE PHOTO RBI imposes Rs 7 lakh penalty on 2 banks for violation of KYC, different norms
The RBI on Monday mentioned it has imposed a complete penalty of Rs 7 lakh on two co-operative banks, together with Rs 5 lakh on Vyavasayik Sahakari Bank Maryadit, for violation of KYC and different norms.
A penalty of Rs 2 lakh has been imposed on Maharashtra Nagari Sahakari Bank Maryadit, Latur.
In a press release, the Reserve Bank of India (RBI) mentioned a penalty of Rs 5 lakh has been imposed on Vyavasayik Sahakari Bank Maryadit, Raipur for non-compliance with instructions issued by RBI on opening of on-site ATM and Know Your Customer (KYC).

Giving particulars, RBI mentioned the inspection report of the financial institution as regards to its monetary place as on March 31, 2018 revealed, inter alia, non-compliance with instructions on opening of on-site ATM and KYC.
In one other launch, RBI mentioned the penalty on Maharashtra Nagari Sahakari Bank Maryadit has been imposed for non-compliance with instructions on KYC.
The RBI additional mentioned the motion in opposition to the banks is predicated on deficiencies in regulatory compliance, and never meant to pronounce upon the validity of any transaction or settlement entered into by them with their prospects.
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