The Reserve Bank of India has imposed a monetary penalty of Rupees five lakh on the District Cooperative Central Bank Ltd., Mahabubnagar, Andhra Pradesh.
The cooperative bank was found violating 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 facts of the case, the bank’s reply and personal submissions in the matter, the Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of the penalty.
