Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹90 lakh on Nutan Nagarik Sahakari Bank Ltd., Ahmedabad by order dated May 20, 2021. RBI said the penalty followed a statutory inspection and review that found non-compliance with its Master Directions on Interest Rate on Deposits, Know Your Customer (KYC), and the Circular on Frauds Monitoring and Reporting Mechanism. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.