Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5 lakh on Sulaimani Co-operative Bank Limited, Vadodara (Gujarat), under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949. RBI said the bank violated operational instructions imposed by RBI, did not adhere to the exposure ceiling for unsecured advances, failed to report loans and advances granted to directors, and did not comply with KYC norms and AML guidelines. After issuing a show-cause notice and considering the bank's written reply, RBI concluded that the contraventions were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat