Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 2 lakh on The Commercial Co-operative Bank Ltd., Jamnagar under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank had not displayed its name properly in all stationery and advertisements, had made donations beyond the prescribed limit, and had not implemented KYC norms. After reviewing the bank's written reply and personal submissions, RBI concluded that the violations were substantiated and merited the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Jamnagar, Gujarat
- Order Date