Case Brief
What Happened
RBI imposed a monetary penalty of ₹2.00 lakh on Nagrik Sahakari Bank Maryadit, Durg, Chhattisgarh, under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949. The bank was found to have breached RBI directions on Exposure Norms & Statutory/ Other Restrictions-UCBs and Know Your Customer (KYC), including non-adherence to prudential inter-bank exposure limits, non-compliance with the prudential inter-bank counterparty limit, and absence of a system to identify suspicious transactions.