Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Becharaji Nagarik Sahakari Bank Limited, Becharaji, Dist. Mehsana, Gujarat, under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated its instructions on Know Your Customer (KYC) norms and Anti Money Laundering (AML) guidelines. After issuing a show cause notice and considering the bank's reply and personal submissions, RBI held that the violations were substantiated and imposed the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Becharaji, Gujarat
- Order Date