RBI imposes Rs 1 lakh penalty on CKP Co-op Bank

The Reserve Bank of India has imposed a monetary penalty of Rs 1 lakh on The CKP Co-operative Bank, Mumbai, for violation of the apex bank's instructions/guidelines on Know Your Customers norms, a press release issued here today said.  

The Reserve Bank had issued a show-cause to the bank, to which the bank submitted a written reply.  

Based on the reply, the RBI came to the conclusion that the violation was substantiated and warranted imposition of penalty, the release said.