Case Brief
The Reserve Bank of India imposed a monetary penalty on The Gauhati Co-operative Urban Bank Ltd., Guwahati after finding violations of RBI’s KYC and cash transaction guidelines and related PMLA obligations applicable to urban co-operative banks. RBI had issued a show-cause notice, reviewed the bank’s written reply, and concluded that the contraventions were substantiated, warranting a penalty under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to cooperative societies).
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Guwahati
- Order Date