Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1,00,000 on Karjan Nagrik Sahakari Bank Ltd., Karjan Dist. Vadodara (Gujarat) under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty followed an inspection for the financial position as on 31.03.2012, issuance of a show-cause notice, and consideration of the bank's written reply. RBI held that the violation of its KYC instructions was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Karjan, Gujarat
- Order Date