Case Brief
The Reserve Bank of India imposed a monetary penalty on Khargone Nagrik Sahakari Bank Maryadit, Khargone under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the bank violated directives/guidelines on implementation of KYC/AML norms, submission of proper compliance on time, and granting donations. After issuing a show-cause notice and considering the bank’s written reply, RBI concluded that the violations were substantiated and imposed a penalty of ₹1.00 lakh.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Khargone, Madhya Pradesh
- Order Date