Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5.00 lakh on The Kakinada District Co-operative Central Bank Ltd., Andhra Pradesh under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The bank was found to have violated Know Your Customer (KYC) norms and Anti Money Laundering (AML) guidelines. RBI had issued a show-cause notice, considered the bank's reply and personal submissions, and then held that the violation was substantiated and warranted penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Kakinada, Andhra Pradesh
- Order Date