Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Junagadh Commercial Co-operative Bank Ltd., Junagadh under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank had violated Know Your Customer (KYC) norms and Anti-Money Laundering (AML) guidelines. After issuing a show-cause notice and considering the bank's written reply, RBI concluded that the violations were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Junagadh, Gujarat
- Order Date