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RBI slaps Rs 5 lakh penalty on Transport Cooperative Bank

Press Trust of India  |  Mumbai 

The Reserve has imposed a penalty of Rs 5 lakh on Transport Cooperative Bank, Indore for violation of various norms, including KYC.

The penalty has been imposed for violation of the "directives/guidelines of the Reserve on loan exposure norms, KYC norms and compliance to RBI Inspection Report", the central said in a statement.

Earlier, the RBI had issued a show cause notice to the bank, in response to which the submitted a written reply.

After considering the facts of the case and the bank's reply in the matter, "the Reserve came to the conclusion that the violations were substantiated and warranted imposition of penalty", the statement said.

Meanwhile, the RBI asked banks to keep the counters of their designated branches conducting business open for transactions up to 6 pm on March 30 and up to 8 pm on March 31, the last day of the current financial year.

This is being done as has desired that all transactions with banks must be accounted for within the same financial year and had requested that certain special arrangements be made for the purpose, as in previous years.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 16 2017. 21:22 IST