The Reserve Bank has imposed a penalty of Rs 1 lakh on Vadodara-based Uma Cooperative Bank for non-adherence to regulatory norms. "RBI has imposed a monetary penalty of Rs one lakh on Uma Cooperative Bank Ltd,Vadodara (Gujarat),in exercise of powers vested in it for non-adherence to Know Your Customer (KYC) norms," the apex bank said in a statement. The Reserve Bank India (RBI) had earlier issued a showcause notice to the bank,in response to which the Cooperative Bank had submitted a written reply. "After considering the facts of the case and the bank's reply,as also personal submissions in the matter,the RBI came to the conclusion that the violations were substantiated and warranted imposition of the penalty," the RBI said. The RBI has penalised over 60 small banks so far this calendar year,for lapses in implementing customer identification norms and various other violations. The penalties ranged from Rs 1 lakh to Rs 5 lakh.
