Case Brief
The Reserve Bank of India penalised Shri Lodra Nagarik Sahakari Bank Ltd., Lodra, District Gandhinagar, with a monetary penalty of Rs 1 lakh under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank had breached instructions on implementation of KYC norms and on filing Cash Transaction Reports with FIU-IND. After considering the bank's written reply to the show-cause notice, RBI held that the violations were substantiated and imposed the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Lodra, Gandhinagar
- Order Date