Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on The Pusad Urban Co-operative Bank Ltd., Pusad, District Yavatmal (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 RBI instructions. After issuing a show-cause notice and considering the bank’s written reply, RBI concluded that the violations were substantiated and that penalty was warranted.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Pusad, Maharashtra
- Order Date