Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5.00 lakh on The Washim Urban Cooperative Bank Ltd., Washim (Maharashtra) 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 Know Your Customer norms and other RBI instructions. After issuing a show-cause notice and considering the bank's written reply, RBI concluded that the violations were substantiated and merited the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Washim, Maharashtra
- Order Date