Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Patdi Nagrik Sahakari Bank Limited, Patdi, Dist. Surendranagar, Gujarat. The penalty was issued under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violations including non-adherence to KYC/AML guidelines, failure to file CTR/STR statements with FIU-IND, New Delhi, and incomplete rectification of irregularities pointed out in a previous RBI inspection. RBI issued a show-cause notice, considered the bank's reply and personal submissions, and concluded that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Patdi, Gujarat