RBI imposes Monetary penalty on Yeshwant Nagari Sahakari Bank Ltd., Latur (Maharashtra)
Case Brief
RBI imposed a monetary penalty on Yeshwant Nagari Sahakari Bank Ltd., Latur (Maharashtra) under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The bank had been issued a show cause notice, submitted a reply, and RBI held that the violations were substantiated. The stated grounds were violation of Know Your Customer requirements and RBI instructions.
The Reserve Bank of India 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). The bank had received a show cause notice, submitted a written reply, and RBI concluded that the violations were substantiated and warranted the penalty.
Severity Assessment
The action is a monetary penalty of ₹1 lakh, which falls in the lowest monetary band and has no separate operational restriction floor.
The bank must absorb the penalty and ensure stronger compliance with KYC and other RBI instructions going forward. No operational restriction is described in this release, but the enforcement action signals heightened regulatory scrutiny.
Published as Yeshwant Nagari Sahakari Bank Ltd., Latur
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