Case Brief
The Reserve Bank of India has imposed a monetary penalty on Zila Sahakari Kendriya Bank Maryadit, Raipur 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 imposed because the bank violated RBI directives/guidelines on Know Your Customer (KYC) norms. RBI issued a show-cause notice, considered the bank’s written reply, and concluded that the violations were substantiated and deserved penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Raipur, Chhattisgarh
- Order Date