Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1,00,000 on Nagarik Samabay Bank Ltd., Guwahati under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to cooperative societies). RBI found violations of the KYC and cash transaction guidelines and PMLA-related obligations for urban co-operative banks, and concluded that the bank's reply did not rebut the substantiated breaches.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Guwahati, Assam
- Order Date