Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.5 lakh on The Midnapore Peoples’ Co-operative Bank Ltd., Paschim Medinipur, West Bengal, under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty was for violation of RBI instructions in the Master Circular on Know Your Customer norms, anti-money laundering measures, combating financing of terrorism, and related PMLA obligations dated July 1, 2014. RBI issued a show-cause notice, the bank replied, and RBI concluded that the violations were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.50 L
- Entity Type
- Co-operative bank
- Location
- West Bengal