Ahmedabad District Central Co-operative Bank Ltd., Ahmedabad – Penalised
Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5.00 lakh on Ahmedabad District Central Co-operative Bank Ltd., Ahmedabad, Gujarat under Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated its guidelines on Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards, and that the violations were substantiated after considering the bank's reply and personal submission to the show-cause notice.
RBI imposed a monetary penalty under Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS) after concluding that Ahmedabad District Central Co-operative Bank Ltd., Ahmedabad had violated RBI guidelines on Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards. The bank received a show-cause notice, submitted a written reply, and made a personal submission, but RBI found the violations substantiated and warranting penalty.
Severity Assessment
A Rs 5 lakh monetary penalty falls in severity band 2.
The bank must absorb the financial penalty; the release does not describe any additional operational restriction. The action is backward-looking but signals compliance deficiencies in KYC/AML controls that could invite further supervisory scrutiny if not addressed.
Published as Ahmedabad District Central Co-operative Bank Ltd., Ahmedabad
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