The Reserve Bank of India has imposed a monetary penalty of Rs one lakh on Mumbai District Central Co-operative bank Ltd., Mumbai, Maharashtra in exercise of the powers vested in it under the provisions.
The co-op bank was found guilty of violations of the directives, guidelines and instructions of the Reserve bank of India relating to Know Your Customer (KYC) norms and Anti-Money Laundering (AML) measures.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made oral submission thereon.
After considering the facts of the case and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty.
