Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Jain Sahakari Bank Ltd., Mumbai, Maharashtra. The action was taken under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies), after RBI concluded that the bank had violated its directives/guidelines on Know Your Customer (KYC) norms and anti-money laundering (AML) guidelines. RBI had issued a show cause notice, considered the bank's written reply and submissions made during personal hearing, and then found the violation substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra