Case Brief
The Reserve Bank of India imposed a monetary penalty on The Bihar Awami Co-operative Bank Ltd. under Section 47A read with Section 46(4) and Section 56 of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated extant directions on Know Your Customer and guidelines governing the exchange of Specified Bank Notes. After issuing a show-cause notice, providing a personal hearing, and reviewing the bank’s written reply, RBI concluded that the violations were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Bihar
- Order Date