Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5.00 lakh on Ahmedabad District Central Co-operative Bank Ltd., Ahmedabad, Gujarat under Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated its guidelines on Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards, and that the violations were substantiated after considering the bank's reply and personal submission to the show-cause notice.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Ahmedabad, Gujarat
- Order Date