Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Sathamba People's Co-operative Bank Ltd., Sathamba, District Sabarkantha, Gujarat. The penalty was issued under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violation of RBI instructions on implementation of KYC/AML guidelines and persistence of irregularities pointed out in a previous inspection report. RBI considered the bank's reply to the show-cause notice and its oral submissions before concluding that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Sathamba, Gujarat
- Order Date