Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1,00,000 on Nagrik 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 said the penalty was for violation of KYC/AML norms and guidelines issued by the Reserve Bank. After issuing a show-cause notice and considering the bank’s written reply, RBI concluded that the violation was substantiated and deserved penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Raipur, Chhattisgarh
- Order Date