Case Brief
RBI imposed a monetary penalty on Yeshwant Nagari Sahakari Bank Ltd., Latur (Maharashtra) under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The bank had been issued a show cause notice, submitted a reply, and RBI held that the violations were substantiated. The stated grounds were violation of Know Your Customer requirements and RBI instructions.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Latur, Maharashtra
- Order Date