RBI Imposes Monetary Penalty On Ratnagiri Urban Co-operative Bank

Ratnagiri, 25th August 2023: The Reserve Bank of India (RBI) has imposed, by an order dated August 17, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on Ratnagiri Urban Co-operative Bank Ltd., Ratnagiri, Maharashtra (the bank) for non-compliance with certain provisions of the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’. This penalty has been imposed in 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.
This action is based on the 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.