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 (447.00 kb ) version to your machine and then use respective software to print the story.
Date: 24/08/2015
RBI imposes Monetary Penalty on Krishna Mercantile Co-operative Bank Ltd., Bhopal

The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (Rupees five lakh only) on the Krishna Mercantile Co-operative Bank Ltd., Bhopal in exercise of powers vested in it under the provisions of Section 47A (1)(b) read with section 46(4) of Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) for the violation of the directives/guidelines of the Reserve Bank on implementation of Know Your Customers (KYC)/Anti Money Laundering (AML) norms.

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 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 monetary penalty.

Sangeeta Das
Director

Press Release : 2015-2016/476

 
  © Reserve Bank of India. All Rights Reserved.

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