The Reserve Bank of India has imposed a monetary penalty on the Karjan Nagarik Sahakari Bank of Karjan, District Vadodara (Gujarat).
The apex bank imposed penality in the wake of violation of its instructions relating to ‘know your customer’ (KYC) norms.
Earlier, the Reserve Bank had issued a show cause notice to the bank based on the findings of inspection for the financial position as on March 31, 2012.
The urban cooperative bank submitted a written reply to RBI’s notice . After considering the facts of the case and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violation was substantiated and warranted imposition of the penalty.