Case Brief
The Reserve Bank of India penalised The Baroda Traders 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). The penalty was levied for non-adherence to Know Your Customer (KYC) norms. RBI had issued a show-cause notice, considered the bank's written reply, and concluded that the contravention was substantiated and warranted punishment.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat
- Order Date