Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Mumbai District Central Co-operative Bank Ltd., Mumbai, Maharashtra under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The action was taken for violations of RBI directives, guidelines and instructions relating to Know Your Customer (KYC) norms and Anti-Money Laundering (AML) measures. RBI issued a show-cause notice, considered the bank’s written and oral submissions, and concluded that the violations were substantiated and warranted penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra