Case Brief
By an order dated November 12, 2024, RBI imposed a monetary penalty of ₹1.50 lakh on The Vepar Udhyog Vikas Sahakari Bank Limited, Dist. Dahod, Gujarat. The penalty followed a statutory inspection with reference to the bank’s financial position as on March 31, 2023, and a show-cause notice process. RBI found that the bank had failed to maintain the minimum CRR for certain days, had not periodically updated KYC of certain customers, and had not reviewed risk categorisation of certain accounts at least once in six months. The penalty was imposed 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 1.50 L
- Entity Type
- Co-operative bank
- Location
- Dahod, Gujarat