TMI BlogRBI imposes penalty on Integral Urban Co-operative Bank Limited, JaipurX X X X Extracts X X X X X X X X Extracts X X X X ..... RBI imposes penalty on Integral Urban Co-operative Bank Limited, Jaipur - News and Press Release Dated:- 10-6-2015 - News - The Reserve Bank of India has imposed a monetary penalty of ₹ 20.00 lakh (Rupees twenty lakh only ) on the Integral Urban Co-operative Bank Limited, Jaipur, in exercise of powers vested in it under the provisions of Section 47A (1)(b) read with section 46(4) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for the following violations of the guidelines/directives on Know Your Customers (KYC)/Anti Money Laundering (AML) viz. (i) Absence of facility for generating alert report for Cash Transaction Report (CTR)/Suspicious Transaction Report (STR); (ii) No system of risk categorization and fixation of threshold limits; (iii) Non rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orting of cash transactions to Financial Intelligence Unit-India (FIU-IND) including director related accounts and (iv) Non monitoring of cash transactions. The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made personal hearing. After considering the facts of the case and the bank s reply in the matter, the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... serve Bank came to the conclusion that the violations were substantiated and warranted imposition of the monetary penalty. Accordingly, it has penalized the bank. Sangeeta Das Director - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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