Case Brief
RBI, by order dated November 15, 2024, imposed a monetary penalty of Rs 1.00 lakh on The Vijay Commercial Co-operative Bank Ltd., Rajkot, Gujarat. The penalty was imposed for non-compliance with RBI directions on Know Your Customer (KYC) norms, specifically for failing to carry out periodic review of risk categorisation of certain accounts at least once in six months. The action was taken under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following statutory inspection, supervisory findings, a show-cause notice, and oral submissions by the bank.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Rajkot, Gujarat