Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5.00 lakh on The Ghandhidham Co-operative Bank Ltd., Adipur, Dist. Kutch (Gujarat). 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) for violation of RBI's instructions relating to KYC norms. RBI had issued a show-cause notice, considered the bank's written reply, and 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
- Adipur, Gujarat
- Order Date