Case Brief
The Reserve Bank of India has imposed a monetary penalty of Rs. 10 lakh on Catholic Syrian Bank Ltd. under Section 47A(1)(b) of the Banking Regulation Act, 1949. RBI said the bank had failed to adhere to KYC norms and AML standards while opening and operating certain accounts, and that its internal control systems failed to detect the irregularities. After issuing a show-cause notice and considering the bank's written reply, RBI concluded that the violations were established and imposed the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 10.0 L
- Entity Type
- Bank
- Action Type
- Monetary penalty