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RBI Slaps Rs 4 Lakh Fine on Walchandnagar Sahakari Bank for KYC Norm Breaches in FY22

KYCRBI Slaps Rs 4 Lakh Fine on Walchandnagar Sahakari Bank for KYC Norm Breaches in FY22

The RBI fined Walchandnagar Sahakari Bank Rs 4 lakh for KYC norm violations. During an FY22 inspection, the RBI found that the bank failed to assign unique customer codes and didn’t review risk categorization of accounts. The RBI clarified that the penalty was due to regulatory compliance issues and not a judgment on transactions. The penalty was imposed under Banking Regulations Act, 1949, following the RBI’s notice and the bank’s response. The unique customer identification code aids in customer tracking and transaction monitoring. The bank did not provide a comment.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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