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RBI penalises 16 Central Co-operative Banks (CCBs) |
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| 1-4-2015 | |||||||||||||||||||||||||||||||||||
The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (Rupees five lakh only) each on 16 Central Co-operative Banks listed below. Penalties have been imposed in exercise of powers vested in it under the provisions of Section 47(A) read with Section 46 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for non-adherence to Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards.
The Reserve Bank of India had issued a show cause notice to the banks in response to which the banks submitted a written reply. After considering the facts of the cases, the banks’ replies and personal submissions in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of the penalty. Alpana Killawala Principal Chief General Manager |
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