The Reserve Bank of India has imposed a monetary penalty of Rupees Two Lakh on the Sutex Co-operative Bank based in Surat (Gujarat) for violations of the directives and guidelines of the Reserve Bank on Know Your Customer (KYC) and Anti Money Laundering (AML).
The Reserve Bank of India had issued a Show Cause Notice to the bank based on the finding of inspection for the financial position as on 31.03.2013, in response to which the bank submitted a written reply and made personal submission to the Executive Director, RBI, Department of Co-operative Bank Regulation, Central Office, Mumbai.
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 the penalty.
