Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Sarvodaya Commercial Co-operative Bank Ltd., Mehsana (Gujarat) under Section 47A(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 directives/guidelines on Know Your Customer (KYC) and Anti Money Laundering (AML). After issuing a show-cause notice and considering the bank's reply and personal submissions, RBI concluded that the violation was substantiated and warranted a penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Mehsana, Gujarat
- Order Date