RBI Penalises Rajsamand Urban Co-operative Bank Limited, Rajsamand

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..... RBI Penalises Rajsamand Urban Co-operative Bank Limited, Rajsamand
News and Press Release
Dated:- 26-11-2013

The Reserve Bank of India has imposed a monetary penalty of Rs. 2.00 lakh (Ru .....

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..... pees two lakh only) on Rajsamand Urban Co-operative Bank Limited, Rajsamand in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regula .....

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..... tion Act, 1949 (As Applicable to Co-operative Societies), for violating the Know Your Customers (KYC) norms and Anti Money Laundering (AML) directives of Reserve Bank of India. The Reserve Bank of In .....

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..... dia had issued a show cause notice to the bank in response to which the bank submitted a written reply. After considering the bank's reply in the matter, the Reserve Bank of India came to the conclusi .....

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..... on that the violation was substantiated and warranted imposition of the penalty. Ajit Prasad Assistant General Manager
News - Press release - PIB .....

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