The RBI has imposed a monetary penalty of Rs.5.00 lakh on The Bhuj Mercantile Co-operative Bank Ltd

The Reserve Bank of India has imposed a monetary penalty of Rs.5.00 lakh (Rupees Five Lakh only) on The Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat) in exercise of the 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 … Read more

The RBI has imposed a monetary penalty of Rs. 5.00 lakh on The Banaskantha Mercantile Co-operative Bank Ltd.

The Reserve Bank of India has imposed a monetary penalty of Rs. 5.00 lakh (Rupees Five Lakh only) on The Banaskantha Mercantile Co-operative Bank Ltd., Palanpur, Dist. Banaskantha (Gujarat), in exercise of the powers vested in it under the provisions of Section 47A (1)(b) read with Section 46 (4) of the Banking Regulation Act, 1949 (As … Read more

RBI imposed penalty on Bhavana Rishi Co-operative Urban Bank Ltd

The Reserve Bank of India has imposed a monetary penalty of ? 1.00 lakh (Rupees one lakh only) on the Bhavana Rishi Co-operative Urban Bank Ltd., Hyderabad, Telangana, in exercise of the 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 … Read more

RBI has imposed a monetary penalty of Rs 5.00 lakh each on 16 Central Co-operative Banks

The Reserve Bank of India has imposed a monetary penalty of Rs 5.00 lakh (Rupees five lakh only) each on 16 Central Co-operative Banks listed below. Penalties have been imposed in exercise of powers vested in it under the provisions of Section 47(A) read with Section 46 of the Banking Regulation Act, 1949 (As applicable to … Read more

RBI imposes monetary penalty on ICICI Bank and Bank of Baroda for violating KYC/AML Instructions

The Reserve Bank of India has imposed monetary penalty on the following two banks for violation of its instructions, among other things, on know your customer/anti money laundering Know Your Customer(KYC)/Anti Money Laundering (AML). The details of the penalty are: Sl. No. Name of the bank Penalty Amount (in Rs.) 1 ICICI Bank Ltd. 5.00 … Read more