RBI penalises The Kakinada District Co-operative Central Bank Ltd., Andhra Pradesh

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..... RBI penalises The Kakinada District Co-operative Central Bank Ltd., Andhra Pradesh - News and Press Release Dated:- 6-12-2013 - News - The Reserve Bank of India has imposed a monetary penalty of Rs. .....

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..... 5.00 lakh (Rupees five lakh only) on The Kakinada District Co-operative Central Bank Ltd., Andhra Pradesh in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Sect .....

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..... ion 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for non-adherence to Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. The Reserve .....

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..... Bank of India had issued a show cause notice to the bank in response to which the bank submitted a written reply. After considering the facts of the case, the bank's reply and personal submissions in .....

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..... the matter, the Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of the penalty. Ajit Prasad Assistant General Manager - News - Pres .....

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..... s release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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