Case Brief
The Reserve Bank of India penalised Alavi Co-operative Bank Ltd., Vadodara, Gujarat, by imposing a monetary penalty of Rs 5.00 lakh under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the bank had failed to adhere to Know Your Customer (KYC) norms and Anti Money Laundering (AML) guidelines. After considering the bank's written reply to the show-cause notice, RBI concluded that the violation was substantiated and merited the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat
- Order Date