RBI penalises The Aurangabad District Industrial and Urban Co-operative Bank Ltd., Aurangabad

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..... RBI penalises The Aurangabad District Industrial and Urban Co-operative Bank Ltd., Aurangabad
News and Press Release
Dated:- 18-2-2014

The Reserve Bank of India has imposed a monetary pe .....

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..... nalty of Rs. 5.00 lakh (Rupees Five Lakh only) on The Aurangabad District Industrial and Urban Co-operative Bank Ltd., Aurangabad in exercise of powers vested in it under the provisions of Section 47A .....

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..... (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) for violation of the directives issued by Reserve Bank of India on KYC/AML guidelines, non- .....

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..... introduction of Concurrent Audit System, submission of wrong/unsatisfactory/delayed compliance to RBI Inspection Report and concentration of Deposits. The Reserve Bank of India had issued a show caus .....

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..... e notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case and the bank's reply in the matter, the Reserve Bank came to the conclusion that .....

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..... the violations were substantiated and warranted imposition of the penalty. Ajit Prasad Assistant General Manager
News - Press release - PIB .....

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