Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹20,000 on Nagar Sahkari Bank Ltd., Etawah under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the bank violated its instructions/guidelines on KYC/AML measures and Section 26A of the Banking Regulation Act, 1949 (AACS). After issuing a show-cause notice and considering the bank’s written reply, RBI found the contraventions substantiated and proceeded with the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 20,000
- Entity Type
- Co-operative bank
- Location
- Etawah, Uttar Pradesh
- Order Date