RBI imposes monetary penalty on Mehmadabad Urban People’s Co-operative Bank Ltd., Mehmadabad, Dist. Kheda, Gujarat

"On "04/11/2024", the "Reserve Bank of India" issued an update regarding "RBI imposes monetary penalty on Mehmadabad Urban People’s Co-operative Bank Ltd., Mehmadabad, Dist. Kheda, Gujarat".

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹60,000/- on Mehmadabad Urban People’s Co-operative Bank Ltd., for non-compliance with certain directions issued by RBI on 'Membership of Credit Information Companies (CICs) by Co-operative Banks' and 'Know Your Customer (KYC)'.

The bank failed to submit data to three CICs, submitted incomplete data to one CIC, and failed to carry out periodic review of risk categorization of accounts at least once in six months.