SITE MAP     CONTACT US     DISCLAIMER  
   About Us     Useful Information     FAQs     Financial Education     Complaints   Important Websites  
Search
Period
From  
To  
Archives
   
Home >> PressReleases - Display
Note : To obtain an aligned printout please download the (153.00 kb ) version to your machine and then use respective software to print the story.
Date: 05/05/2016
RBI imposes penalty on The Midnapore Peoples’ Co-operative Bank Ltd., Dist- Paschim Medinipur, West Bengal

The Reserve Bank of India has imposed a monetary penalty of ₹ 1.5 lakh (Rupees One Lakh Fifty Thousand only) on The Midnapore Peoples’ Co-operative Bank Ltd., Dist- Paschim, Medinipur, West Bengal, Pin-721101, in exercise of powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) for violation of instructions contained in Master Circular on Know Your Customer Norms / Anti-Money Laundering Measures/Combating of Financing of Terrorism/Obligations of banks under Prevention of Money Laundering Act (PMLA), 2002 dated July 1, 2014.

The Reserve Bank of India had issued a show-cause notice to the bank, in response to which the bank submitted its reply. 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.

Ajit Prasad
Assistant Adviser

Press Release: 2015-2016/2582

 
  © Reserve Bank of India. All Rights Reserved.

Best viewed in 1024x768 resolution in IE 5 and above.