Yet another urban co-op bank located in Madhya Pradesh was penalized by the apex bank.The Reserve Bank of India has imposed a monetary penalty on Rajsamand Urban Co-operative Bank Limited, Rajsamand.
The Urban Cooperative Bank was found guilty of 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.