Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on Krishna Mercantile Co-operative Bank Ltd., Bhopal under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty followed a show-cause process and was based on RBI’s finding that the bank had violated its directives/guidelines on implementation of Know Your Customer (KYC) and Anti Money Laundering (AML) norms.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Bhopal
- Order Date