Case Brief
RBI imposed a monetary penalty of ₹3.50 lakh on Apani Sahkari Bank Ltd., Ahmedabad, Gujarat, after a statutory inspection found several compliance lapses. The violations included contravention of Section 26A read with Section 56 of the Banking Regulation Act, 1949, and non-compliance with RBI directions on loans to directors and their relatives, placement of deposits with other banks, and KYC obligations. RBI cited failures relating to unclaimed amounts transfer, a loan to a director's relative, exposure-limit breaches, KYC record uploads, and customer risk categorisation.
Action Snapshot
- Primary Impact
- Fine: Rs 3.50 L
- Entity Type
- Co-operative bank
- Location
- Ahmedabad, Gujarat