Case Brief
The Reserve Bank of India penalised Shreenath Co-operative Bank Ltd., Ahmedabad 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 violated its instructions on Know Your Customer (KYC) norms and Anti-Money Laundering (AML) guidelines. After issuing a show-cause notice, reviewing the bank’s written reply, and hearing its submissions, RBI concluded that the violations were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Ahmedabad, Gujarat
- Order Date