ANI
28 Jun 2022, 07:48 GMT+10
New Delhi [India], June 28 (ANI): The Reserve Bank of India (RBI) has imposed a penalty of Rs 10 lakh on The Tiruchengode Co-operative Urban Bank, Tiruchengode, Tamil Nadu, for non-adherence or violation of directions issued under various guidelines including Know Your Customer (KYC) Guidelines, the central bank said in a statement.
The penalty has been imposed in the exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949 (AACS).
"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the statement said.
The inspection report of the bank based on its financial position as of March 31, 2020, revealed violations or non-compliance with the norms.
Based on the same report, a notice was issued to the bank advising it to show cause as to why a penalty should not be imposed for non-compliance, it added.
"After considering the bank's reply and oral submissions during the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty."Earlier on Friday, the central had imposed a penalty of Rs 57.50 lakh on Indian Overseas Bank for non-compliance with certain directions.
The non-compliance included failing to report certain instances of frauds involving ATM card cloning or skimming within three weeks from the date of detection, among others. (ANI)Get a daily dose of Oakland Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Oakland Times.
More InformationSAN FRANCISCO, California: Nvidia, the Silicon Valley chipmaker at the heart of the artificial intelligence boom, this week briefly...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
ATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
ECAULT BEACH, France: On clear days, the white cliffs of the United Kingdom, are visible from northern France, where men, women, and...
ATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...