Case Brief
The Reserve Bank of India imposed a monetary penalty on The Cooperative City Bank Ltd., Guwahati under Section 47A(1) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to cooperative societies). RBI found that the bank violated para 4(i) of the KYC and Cash Transactions circular and did not adhere to requirements for identifying and reporting suspicious transactions. After considering the bank’s written reply to the show cause notice, RBI held that the violations were substantiated and imposed a ₹5.00 lakh penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Guwahati
- Order Date