Reserve Bank of India has imposed a monetary penalty of INR 5.00 lakh (Rupees Five Lakh only) on Latur Urban Co-operative Bank Ltd., Latur.
The monetary penalty is for violation of the Know Your Customer norms and RBI instructions.
At present the bank has 14 branches with Core Banking Solution. These 14 branches are spread over Latur (8 branches, including the Head Office and the Remote Branches), Pune (3) and 1 Branch in Nanded, Aurangabad and Solapur each, respectively.
The bank was established on 2nd May 1995 and the inauguration function was presided over by Dr. Manmohan Singh (The Ex Prime Minister and also The Ex Finance Minister of India) and Mr. Shivraj Patil Chakurkar (The Ex Speaker of Indian Parliament).
The Bank’s IT team has focussed on SMS based services viz;
1. Know your Balance - SMS BAL to 9420010055 for your account balance
2. Last Three Transactions - SMS LST to 9420010055 for your last three transactions
3. Block Your ATM - SMS BLK to 9420010055 hotlist/block your ATM/Debit Cards
The next focus of the IT Team is on: -
- · Intenet Banking
- · NEFT / RTGS Services Directly
- · ATM cum DEBIT Card for Shoping
- · Mail Banking