Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Shree Limbdi Nagrik Sahakari Bank Limited, Limbdi, Dist. Surendranagar, Gujarat. The penalty was levied under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for non-implementation of KYC norms, non-submission of CTR/STR statements to FIU-IND, and persistence of irregularities flagged in a previous RBI inspection. RBI issued a show-cause notice, considered the bank's written 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
- Limbdi, Gujarat