Laxmi Mahila Nagrik Sahkari Bank Maryadit, Raipur – Penalized
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹3,00,000 on Laxmi Mahila Nagrik Sahkari Bank Maryadit, Raipur under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty was for violation of RBI guidelines on Know Your Customer (KYC). RBI had issued a show cause notice, considered the bank’s written reply, and concluded that the violation was substantiated.
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 concluding that the bank had violated RBI-issued KYC guidelines. The bank had received a show cause notice and submitted a written reply, but RBI found the contravention substantiated and warranting penalty.
Severity Assessment
The action is a monetary penalty of ₹3 lakh, which falls in the lowest monetary band (<= ₹5 lakh).
The bank must absorb the monetary penalty and ensure future compliance with RBI KYC requirements. There is no indication in this release of any operational restriction beyond the fine, but the bank remains under regulatory scrutiny.
Published as Laxmi Mahila Nagrik Sahkari Bank Maryadit, Raipur
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