Case Brief
The Reserve Bank of India imposed a monetary penalty on Indapur Urban Co-operative Bank Ltd., Indapur, Dist: Pune 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 bank violated its instructions/guidelines relating to credit exposure norms on loans and advances and Know Your Customer (KYC)/Anti-money Laundering (AML) guidelines. After considering the bank’s written reply and oral submissions to the show-cause notice, RBI held that the violations were substantiated and imposed a penalty of Rs 2 lakh.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Indapur, Pune