RBI penalises National Central Co-operative Bank Ltd., Bettiah

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..... RBI penalises National Central Co-operative Bank Ltd., Bettiah - News and Press Release Dated:- 24-3-2014 - News - The Reserve Bank of India has imposed a monetary penalty of Rs. 5.00 lakh (Rupees f .....

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..... ive lakh only) on National Central Co-operative Bank Ltd., Bettiah, Bihar in exercise of powers vested in it under the provisions of Section 47(A) read with Section 46 of the Banking Regulation Act, 1 .....

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..... 949 (As Applicable to Co-operative Societies), for non-adherence to Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. The Reserve Bank of India had issued a show cause not .....

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..... ice 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 the matter, the Reserve Bank of India .....

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..... came to the conclusion that the violation was substantiated and warranted imposition of the penalty. Ajit Prasad Assistant General Manager - News - Press release - PIB Tax Management Ind .....

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..... ia - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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