The Reserve Bank of India has imposed a monetary penalty of on the Ghandhidham Co-operative Bank located in Adipur of district Kutch for violation of instructions relating to Know Your Customers (KYC) norms.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply.
After considering the facts of the case and the bank’s reply in the matter, the Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of the penalty.