RBI imposes monetary penalty on The National Co-operative Bank Ltd., Mumbai, Maharashtra

The Reserve Bank of India (RBI) imposed a ₹2 lakh penalty on The National Co-operative Bank Ltd., Mumbai, for non-compliance with 'Know Your Customer (KYC)' directions. Following a statutory inspection and supervisory findings, the penalty was enforced for allotting multiple UCICs to customers. This action addresses regulatory compliance deficiencies without affecting the validity of transactions or agreements with customers and is independent of any other actions RBI may take against the bank.