The RBI on Friday said it has also imposed a fine of Rs 2.1 lakh on Cent Bank Home Finance Ltd for non-compliance with certain provisions of its ‘Know Your Customer’ (KYC) directions.
The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.68 crore on UCO Bank for violation of certain provisions including opening of current account, interest rate on deposits and fraud classification.
RBI said on Friday that it has also imposed a fine of Rs 2.1 lakh on Cent Bank Home Finance Limited for non-compliance with certain provisions of ‘Know Your Customer’ (KYC) instructions.
The central bank said that in both the cases, the fine has been imposed for regulatory compliance and is not intended to question the validity of any transaction or agreement made by these units with their customers.
