The Reserve Bank of India has imposed a monetary penalty of Rupees one lakh on the The Progressive Mercantile Co-operative Bank based in Ahmedabad in Gujarat.
The urban cooperative bank got penalized for violation of RBI’s instructions on Know Your Customers (KYC) and Anti Money Laundering (AML) norms.
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 facts of the case and the bank’s reply in the matter, the Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of the penalty.
