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RBI imposed penalty on Rajputana Mahila Urban Co-operative Bank Limited, for violation of KYC and AML - All About Finance

RBI imposed penalty on Rajputana Mahila Urban Co-operative Bank Limited, for violation of KYC and AML

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The Reserve Bank of India has imposed a monetary penalty of Rs. 5.00 lakh (Rupees five lakh only) on Rajputana Mahila Urban Co-operative Bank Limited, Jaipur in exercise of powers vested in it under the provisions of Section 47(A) (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of the provisions of RBI guidelines on Know Your Customers (KYC) norms and Anti Money Laundering (AML) and exposure to unsecured loans.

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, the bank’s reply in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of the monetary penalty.

Ajit Prasad
Assistant General Manager

Press Release: 2014-2015/1325

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