Case Brief
RBI imposed a monetary penalty on The Gauhati Co-operative Urban Bank Limited, Guwahati by order dated July 28, 2022. The bank was found to have failed to comply with RBI's Know Your Customer (KYC) Directions, 2016; the scrutiny that led to the action related to exchange of Specified Bank Notes. After issuing a show-cause notice and considering the bank's reply and additional submissions, RBI concluded that the non-compliance warranted a penalty under Section 47-A(1)(c) read with Section 46(4) and Section 56 of the Banking Regulation Act, 1949 (as applicable to co-operative societies).
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Guwahati, Assam