Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs. 5.00 lakh on Dharmapuri District Central Co-operative Bank Ltd., Tamil Nadu under Section 47(A) read with Section 46 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the bank failed to adhere to Know Your Customer (KYC) norms and Anti Money Laundering (AML) guidelines. After issuing a show-cause notice and considering the bank's reply and personal submissions, RBI concluded that the violation was substantiated and warranted penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Tamil Nadu
- Order Date