Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1,50,000 on Bhilai Nagrik Sahakari Bank Maryadit, Bhilai under Section 47A(1)(b) read with Section 46(2) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty was levied for violation of guidelines on Know Your Customer (KYC) norms issued by RBI. RBI had issued a show-cause notice, considered the bank’s written reply, and concluded that the violations were substantiated and merited penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.50 L
- Entity Type
- Co-operative bank
- Location
- Bhilai
- Order Date