Adarh Urban Co-operative Bank based in Sirohi has been faulted by the apex bank RBI. The Reserve Bank of India has imposed a monetary penalty of Rupees five lakh on it.
In a press release RBI said that the urban cooperative bank was found violating the Know Your Customers (KYC) norms and Anti Money Laundering (AML) directives of Reserve Bank of India.
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, the Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of the penalty.