RBI Penalises Sher Nagrik Sahakari Bank Ltd., Jabalpur (Madhya Pradesh)


The Reserve Bank of India has imposed a monetary penalty of Rs 5.00 lakh (Rupees five lakh only) on Sher Nagrik Sahakari Bank Ltd., Jabalpur

The monetary penalty is for:

01) for violation of RBI directive/instructions/ guidelines relating to Know Your Customers (KYC)/ Anti Money Laundering (AML) norms,

02)charging of interest on loans and advances and operational instructions issued to the bank by RBI under section 36(1) of the Banking Regulation Act, 1949 (AACS).

Madan Mahal Fort is one of Jabalpur’s most loved tourist attractions. The fort was built in the 11th century, by 38th Gond (Tribe) ruler, Raja Madan Shah. The fort dominates the skyline and provides a panoramic view of the town and the country-side around it.

 

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