Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5.00 lakh on Rajputana Mahila Urban Co-operative Bank Limited, Jaipur 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 its guidelines on Know Your Customer (KYC) norms and Anti Money Laundering (AML), and also had exposure to unsecured loans. After issuing a show-cause notice and considering the bank's written reply, RBI found the violations substantiated and proceeded with the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Jaipur, Rajasthan
- Order Date