RBI penalises The Mahila Vikas Co-operative Bank Ltd., Ahmedabad (Gujarat)

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..... RBI penalises The Mahila Vikas Co-operative Bank Ltd., Ahmedabad (Gujarat)
News and Press Release
Dated:- 20-2-2014

The Reserve Bank of India, in exercise of powers vested in it under th .....

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..... e provisions of 47A (1) (b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), imposed a monetary penalty of Rs. 5.00 lakh (Rupees five lakh only) o .....

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..... n the Mahila Vikas Co-operative Bank Ltd., Ahmedabad for violation of the Banking Regulation Act, 1949 (AACS)/RBI directives/instructions relating to non-adherence of KYC/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 and the bank's reply in the matter, the Reser .....

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..... ve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty. Ajit Prasad Assistant General Manager
News - Press release - PIB .....

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