Case Brief
The Reserve Bank of India imposed a monetary penalty on The Chanasma Nagrik Sahakari Bank Ltd., Chanasma, District Patan (Gujarat), under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949. The penalty was based on inspection findings indicating violations of KYC and AML guidelines. After issuing a show cause notice and considering the bank’s reply and personal submissions, RBI concluded that the violations were substantiated and deserved penal action.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Chanasma, Gujarat
- Order Date