Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

RBI imposes monetary penalty on Excellent Co-operative Bank Ltd., Mumbai

06/23/2021 | 08:13am EDT

�ेस�काशनी PRESS RELEASE

भारतीय �रज़व�ब�क

संचारिवभाग, क� �ीयकायार्लय, एस.बी.एस.मागर्, मुंबई-400001

RESERVE BANK OF INDIA

0वेबसाइट: www.rbi.org.in/hindi

_____________________________________________________________________________________________________________________

Website : www.rbi.org.in

Department of Communication, Central Office, S.B.S.Marg, Mumbai-400001

फोन/Phone: 022- 22660502

-मेल/email: helpdoc@rbi.org.in

June 23, 2021

RBI imposes monetary penalty on Excellent Co-operative Bank Ltd., Mumbai

The Reserve Bank of India (RBI) has imposed, by an order dated June 23, 2021, a monetary penalty of ₹4 lakh (Rupees Four lakh only) on Excellent Co-operative Bank Ltd., Mumbai (the bank) for contravention of the directions issued by RBI on 'Maintenance of Deposit Accounts' and 'Know Your Customer (KYC)'. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by THE RBI.

The 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.

Background

The inspection report of the bank based on its financial position as on March 31, 2019, revealed that the bank had (i) no system of periodic updation of KYC information of customers in the bank and (ii) not conducted annual review of inoperative accounts. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the aforesaid directions.

After considering the bank's reply to the notice, the RBI came to the conclusion that the aforesaid charges were substantiated and warranted imposition of monetary penalty.

Press Release: 2021-2022/416

(Yogesh Dayal)

Chief General Manager

Disclaimer

Reserve Bank of India published this content on 23 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2021 12:12:01 UTC.


ę Publicnow 2021
Latest news "Economy & Forex"
05:59pU.S. antitrust enforcer says merger wave means slower vetting
RE
05:56pOil settles lower in volatile trade on worries about Delta variant
RE
05:47pNew Zealand Jobless Rate Dives, RBNZ Expected to Raise Interest Rate -- Update
DJ
05:41pCalifornia expects to compete for billions in high-speed rail funding
RE
05:41pCalifornia high speed rail authority expects to compete for billions in funds in bipartisan infrastructure bill --spokeswoman
RE
05:39pLockheed reduces pension woes by nearly $5 billion, forecasts hit to profit on actuarial changes
RE
05:38pPlains all american pipeline says co positioned for a multi year period of permian growth - conf call
RE
05:37pEuro Lost 0.08% to $1.1865 -- Data Talk
DJ
05:36pPLAINS ALL AMERICAN PIPELINE : Expect global crude oil supply and demand to continue to rebalance - conf call
RE
05:36pSterling Gains 0.22% to $1.3917 -- Data Talk
DJ
Latest news "Economy & Forex"