Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on Latur Urban Co-operative Bank Ltd., Latur 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 notice, the bank’s written reply, and RBI’s conclusion that violations of Know Your Customer norms and RBI instructions were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Latur, Maharashtra
- Order Date