Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5.00 lakh on The Kalol Nagrik Sahakari Bank Limited, Kalol, Dist. Gandhinagar (Gujarat). The penalty was imposed 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 found violations of its instructions on Know Your Customer (KYC) norms and Anti Money Laundering (AML) guidelines. RBI considered the bank's written reply and personal submissions, but concluded that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Kalol, Gujarat
- Order Date