Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹2.00 lakh on Suvarnayug Sahakari Bank Ltd., Pune, Maharashtra, following supervisory findings from a statutory inspection as of March 31, 2023. RBI found that the bank had failed to comply with its KYC directions, specifically by not updating customer KYC as required. The action was taken under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra
- Order Date