Case Brief
The Reserve Bank of India has imposed a monetary penalty on The Sircilla Co-operative Urban Bank Ltd., Sircilla, Telangana, after finding violations of RBI directives and guidelines. The breaches related to exposure norms, statutory/other restrictions, and know your customer/anti-money laundering requirements. RBI issued a show-cause notice, reviewed the bank’s written reply and held a personal hearing before concluding that the violations were substantiated and penalty was warranted under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Sircilla, Telangana