Case Brief
RBI imposed a monetary penalty of ₹1.00 lakh on The Amod Nagric Co-operative Bank Ltd., Amod, Dist. Bharuch, Gujarat, after a statutory inspection and subsequent supervisory proceedings. The bank was found non-compliant with RBI directions on loans and advances to directors, their relatives and related concerns, as well as KYC norms, including sanctioning loans involving a director’s relative and failing to upload certain customers’ KYC records to the Central KYC Records Registry within the required timeline. 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 1.00 L
- Entity Type
- Co-operative bank
- Location
- Amod, Gujarat