Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5 lakh on Sri Potti Sri Ramulu Nellore District Co-operative Central Bank Ltd., Nellore, Andhra Pradesh, 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 penalty was for non-adherence to Know Your Customer (KYC) norms and Anti Money Laundering (AML) guidelines. The bank had received a show-cause notice, submitted a written reply, and made personal submissions, but RBI concluded that the violation was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Nellore, Andhra Pradesh