Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 2,00,000 on Nagar Sahkari Bank Ltd., Gorakhpur, Uttar Pradesh under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The action followed a show-cause notice and the bank's written reply; RBI concluded that the KYC norm violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Gorakhpur, Uttar Pradesh
- Order Date