Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1,00,000 on Vyavsayik Sahkari Bank Ltd, Raipur under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI had issued a show-cause notice, considered the bank’s written reply, and concluded that the violation of KYC/AML norms and guidelines was substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Raipur
- Order Date