Case Brief
The Reserve Bank of India imposed a monetary penalty on Dr. Panjabrao Deshmukh Urban Co-operative Bank Ltd., Amravati 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 penalty was for violation of Know Your Customer (KYC) norms. The bank had received a show cause notice and submitted a written reply, but RBI concluded that the violations were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Amravati, Maharashtra
- Order Date