Case Brief
By an order dated August 09, 2024, RBI imposed a monetary penalty of ₹8.00 lakh on The Co-operative Bank of Rajkot Ltd., Rajkot, Gujarat. The penalty followed a statutory inspection and a show-cause process, and was based on findings that the bank maintained savings accounts of 37 institutions whose income was not exempt from income tax and failed to carry out risk-based periodic updation of KYC as prescribed. RBI stated that the action was for regulatory compliance deficiencies and without prejudice to any other action it may initiate.
Action Snapshot
- Primary Impact
- Fine: Rs 8.00 L
- Entity Type
- Co-operative bank
- Location
- Rajkot, Gujarat
- Order Date