<h1>RBI Fines Mahila Vikas Co-op Bank Rs. 5 Lakh for KYC/AML Violations Under Banking Regulation Act Sections 47A(1)(b) & 46(4.</h1> The Reserve Bank of India imposed a monetary penalty of Rs. 5 lakh on The Mahila Vikas Co-operative Bank Ltd., Ahmedabad, for violating the Banking Regulation Act, 1949, specifically concerning non-compliance with KYC/AML guidelines. The penalty was enforced under the provisions of Section 47A(1)(b) and Section 46(4) applicable to co-operative societies. The bank received a show cause notice and responded with a written reply. After reviewing the case and the bank's response, the RBI determined that the violations were confirmed, justifying the penalty.