Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs. 5 lakh on The Siddhi Co-operative Bank Ltd., Ahmedabad. RBI said the penalty was for violation of its instructions/directions on Know Your Customer (KYC) / Anti Money Laundering (AML) and for submitting improper compliance regarding observations made in the bank's last inspection report. After issuing a show-cause notice, and considering the bank's written reply and personal submissions, RBI concluded that the violations were substantiated and imposed the penalty under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS).
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Ahmedabad, Gujarat