Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5,00,000 on The Bhuj Co-operative Bank Ltd., Bhuj, Dist. Kutch. RBI said the bank had violated instructions relating to KYC norms, AML guidelines, temporary overdrafts (TOD), and the use of the bank's name without the word "Co-operative". After issuing a show-cause notice and considering the bank's written reply and personal submissions, RBI concluded that the violations were substantiated and warranted 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
- Bhuj, Gujarat
- Order Date