Vyavsayik Sahkari Bank Ltd, Raipur – Penalised
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1,00,000 on Vyavsayik Sahkari Bank Ltd, Raipur under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI had issued a show-cause notice, considered the bank’s written reply, and concluded that the violation of KYC/AML norms and guidelines was substantiated and warranted the penalty.
RBI imposed a monetary penalty under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies) after issuing a show-cause notice and considering the bank’s written reply. The bank’s violation of RBI KYC/AML norms and guidelines was found to be substantiated.
Severity Assessment
The action is a monetary penalty of ₹1 lakh, which falls in the lowest monetary band (severity 1).
The bank must absorb the monetary penalty and address compliance gaps in its KYC/AML controls. The action does not describe any operational restriction, but it signals RBI scrutiny of the bank’s anti-money laundering and customer due diligence practices.
Published as Vyavsayik Sahkari Bank Ltd, Raipur
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