Shreenath Co-operative Bank Ltd., Ahmedabad

RBI imposed a penalty of Rs 5 lakh on Shreenath Co-operative Bank Ltd., Ahmedabad. The penalty was for breaches of KYC/AML compliance norms.

The bank must bear the monetary penalty and no forward operational restriction is described in this release. The action is limited to the co-operative bank itself and does not state any customer-facing restrictions beyond the compliance finding.

• Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies)

RBI has imposed a penalty of Rs 5 lakh on Shreenath Co-operative Bank Ltd., Ahmedabad. The action was for violations of KYC norms and AML guidelines.

The bank must absorb the monetary penalty; the release does not describe any business restriction or licence action. The forward-looking impact is reputational and compliance-related, with emphasis on maintaining KYC and AML controls going forward.

• Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies)