Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on Shri Vinayak Sahakari Bank Ltd., Ahmedabad (Gujarat), a non-scheduled urban co-operative bank. The action was taken under Section 47A(1) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the penalty followed inspection findings for the bank's financial position as on March 31, 2017, and was based on violations of RBI instructions issued under the Supervisory Action Framework and violations of KYC/AML norms. After considering the bank's reply and personal submission, RBI concluded the violations were substantiated and merited the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Ahmedabad, Gujarat