Case Brief
RBI, by order dated March 23, 2023, imposed a monetary penalty of ₹2.00 lakh on Shri Ganesh Sahakari Bank Ltd., Navi Sangvi, Pune under the Banking Regulation Act, 1949. The bank was found non-compliant with RBI directions on Know Your Customer (KYC) and Maintenance of Deposit Accounts because it lacked a system for identifying and reporting suspicious transactions and charged a fixed penalty for shortfall in minimum balance instead of a proportionate charge. RBI clarified that the action was based on regulatory deficiencies and did not pronounce on customer transactions or agreements.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Bank
- Location
- Pune, Maharashtra