Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on The Tadpatri Co-operative Town Bank Ltd., Tadpatri, Andhra Pradesh. The action was taken under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies), after RBI found violations of its directives, instructions and guidelines on Know Your Customer (KYC). RBI issued a show-cause notice, considered the bank’s written reply and heard the bank before concluding that the violations were substantiated and that penalty was warranted.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Tadpatri, Andhra Pradesh