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RBI penalizes Pij People's Co-operative Bank for non-compliance with KYC guidelines

Published: Apr 21, 2018

By TIOLCORPLAWS News Service

MUMBAI, APRIL 21, 2018: THE Reserve Bank of India (RBI) recently imposed a penalty of Rs 4 lakhs on the Pij People's Co-operative Bank Ltd., Dist. Kheda, (Gujarat) (Non-scheduled UCB), for its failure to comply with the RBI guidelines regarding Know Your Customer (KYC) and also for ignoring the central bank's norms regarding anti-money laundering.

Apparently, the Pij People's Co-operative Bank Ltd. failed to follow RBI instructions issued under Supervisory Action Framework, and also omitted to allot Unique Customer Identification Code (UCIC) to bank's customers. Such bak had also not put in place a system to generate alerts when transactions are inconsistent with risk categorisation & customer profile and not maintaining records of cash transactions for the value of more than ₹ 10 lakhs and reporting them to Financial Intelligence Unit-India (FIU-IND)

The RBI had issued a Show Cause Notice (SCN) to the bank based on the finding of inspection for the financial position as on March 31, 2016, in response to which the bank submitted a written reply and made personal submission to the Committee of Senior Officers at RBI, Ahmedabad. After considering the facts of the case and bank's reply in the matter, the RBI came to the conclusion that violations were substantiated and warranted imposition of the penalty.

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