Rourkela, Nov 24: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 3 lakh on the Sundargarh District Central Co-operative Bank in Odisha for flouting KYC guidelines.
Following a statutory inspecetion conducted by the National Bank for Agriculture and Rural Development (NABARD), the RBI penalized the DCCB.
“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. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank,” the RBI said in one of its correspondence to the DCCB, Sundargarh.
