Janatha Seva Co-operative Bank Ltd., Bangalore - Penalised - ಆರ್ಬಿಐ - Reserve Bank of India
Janatha Seva Co-operative Bank Ltd., Bangalore - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Janatha Seva Co-operative Bank Ltd., Bangalore, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of Reserve Bank of India's instructions on Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. The Reserve 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 bank's reply in the matter and submission made during the personal hearing, the Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of the penalty. Ajit Prasad Press Release: 2011-2012/958 |