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

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..... RBI penalises The District Co-operative Bank Bank Ltd., Mahabubnagar, Andhra Pradesh
News and Press Release
Dated:- 19-3-2014

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

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..... Rs. 5.00 lakh (Rupees five lakh only) on The District Cooperative Central Bank Ltd., Mahabubnagar, Andhra Pradesh in exercise of powers vested in it under the provisions of Section 47(A) read with Sec .....

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..... tion 46 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 Ban .....

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..... k 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. Sucheta Vazkar Manager
News - Press release - PIB .....

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