RBI imposed a big fine on this bank, which was violating the rules, do you also have an account in it?

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 some provisions of 'Know Your Customer' (KYC) instructions.

The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.68 crore on UCO Bank for violation of certain provisions including the opening of the 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 some provisions of 'Know Your Customer' (KYC) instructions.

The central bank said that the fine in both cases has been imposed for regulatory compliance and is not intended to question the validity of any transaction or agreement entered into by these units with their customers.