Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5 lakh on Kolhapur District Central Co-operative Bank Ltd., Kolhapur, Maharashtra, under Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated guidelines on Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards. After issuing a show-cause notice and considering 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 5.00 L
- Entity Type
- Co-operative bank
- Location
- Kolhapur, Maharashtra
- Order Date