Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5.00 lakh on The District Cooperative Central Bank Ltd., Mahabubnagar, Andhra Pradesh under Section 47(A) read with Section 46 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty was levied for non-adherence to KYC norms and AML guidelines after RBI issued a show-cause notice, considered the bank's reply and personal submissions, and concluded that the violation was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Mahabubnagar, Andhra Pradesh
- Order Date