The Reserve Bank of India (RBI) has fined RBL Bank ₹61.4 lakh for violating its “Know Your Customer” (KYC) directions. The bank did not obtain officially valid documents (OVDs) for certain credit card accounts and assigned multiple customer identification codes to some customers, instead of a unique customer identification code (UCIC) for each. This was discovered after the bank responded to a show-cause notice from the RBI. The fine is meant to address regulatory compliance deficiencies and is not intended to question the validity of transactions or agreements between the bank and its customers. The RBI’s action is independent of any other potential action it may take against the bank.
