RBI imposes monetary penalty on The Sathamba People’s Co-operative Bank Ltd., Aravalli, Gujarat

News Financial services Sanctions & Fines

Date: 11th Nov, 2024 Source: Reserve Bank of India Country: India Original Source

Brief

"On November 11, 2024, the Reserve Bank of India issued an update regarding RBI imposes monetary penalty on The Sathamba People's Co-operative Bank Ltd., Aravalli, Gujarat. The RBI imposed a monetary penalty of ₹50,000 on the bank for non-compliance with certain directions issued by the RBI on 'Know Your Customer (KYC)'. A statutory inspection was conducted by RBI in reference to its financial position as on March 31, 2023.

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Reserve Bank of India

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RBI imposes monetary penalty on The Sathamba People’s Co-operative Bank Ltd., Aravalli, Gujarat

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RBI imposes monetary penalty on The Sathamba People’s Co-operative Bank Ltd., Aravalli, Gujarat

Brief

Reserve Bank of India

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