Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹3,00,000 on Laxmi Mahila Nagrik Sahkari Bank Maryadit, Raipur under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty was for violation of RBI guidelines on Know Your Customer (KYC). RBI had issued a show cause notice, considered the bank’s written reply, and concluded that the violation was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 3.00 L
- Entity Type
- Co-operative bank
- Location
- Raipur
- Order Date