Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Bharathiya Sahakara Bank Niyamitha, Chamarajanagar, Karnataka. The penalty was issued under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies) after RBI found that the bank had violated its Know Your Customer (KYC) instructions. RBI had issued a show-cause notice, considered the bank’s written reply and personal submission, and concluded that the violation was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Chamarajanagar, Karnataka
- Order Date