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Monday, July 31, 2017

RBI imposes Rs 1 cr penalty on Union Bank of India for KYC non-compliance

The of (RBI) had earlier this week imposed a of Rs. 10 million on of for non-compliance with the directions issued by the apex on Know Your Customer (KYC) norms.
The penalty imposed on July 26, is part of the exercise vested under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Regulation Act, 1949, taking into account failure of the to adhere to certain directions issued by 
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any or agreement entered into by the with its 
Earlier, the had received a complaint regarding huge withdrawals in certain accounts maintained with of 
Upon examination of the documents obtained in this regard, a Notice was issued to the advising it to show cause as to why penalty should not be imposed for non-compliance with directions issued by 
After considering the bank's reply, oral submissions made in the personal hearing, as also the additional information and documents furnished, came to the conclusion that the aforesaid charge of non-compliance with directions was substantiated and warranted imposition of 

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