Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 2 lakh on Rajsamand Urban Co-operative Bank Limited, Rajsamand under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the bank violated Know Your Customer (KYC) norms and Anti Money Laundering (AML) directives. After issuing a show-cause notice and considering the bank's reply, RBI concluded the violation was substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Rajsamand, Rajasthan
- Order Date