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

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... RBI penalises The District Co-operative Bank Bank Ltd., Mahabubnagar, Andhra Pradesh - News and Press Release Dated:- 19-3-2014 - News - The Reserve Bank of India has imposed a monetary penalty of R .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s. 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 Sect .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ion 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 Ba .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nk 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 i .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n 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 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

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

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X