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of <h1>RBI fines Sher Nagrik Sahakari Bank Rs. 5 lakh for violating KYC, AML norms, and loan interest regulations.</h1> The Reserve Bank of India has fined Sher Nagrik Sahakari Bank Ltd., Jabalpur, Madhya Pradesh, Rs. 5 lakh for breaching directives related to Know Your Customer (KYC), Anti Money Laundering (AML) norms, and interest charges on loans and advances. This action was taken under the Banking Regulation Act, 1949, applicable to cooperative societies. The penalty followed a show cause notice and subsequent review of the bank's written and personal submissions, leading the RBI to confirm the violations and impose the fine.
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