Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Randheja Commercial Co-operative Bank Ltd., Randheja Dist., Gandhinagar, under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated instructions on implementation of KYC guidelines and exceeded the prescribed ceiling for donations. The bank had been issued a show-cause notice and submitted a written reply, but RBI concluded the violations were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Randheja, Gandhinagar
- Order Date