{"id":1872,"date":"2015-04-01T00:00:00","date_gmt":"2015-03-31T18:30:00","guid":{"rendered":""},"modified":"2015-12-31T17:27:10","modified_gmt":"2015-12-31T11:57:10","slug":"rbi-has-imposed-a-monetary-penalty-of-rs-5-00-lakh-each-on-16-central-co-operative-banks","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/banking\/rbi-has-imposed-a-monetary-penalty-of-rs-5-00-lakh-each-on-16-central-co-operative-banks\/","title":{"rendered":"RBI has imposed a monetary penalty of Rs 5.00 lakh each on 16 Central Co-operative Banks"},"content":{"rendered":"

The Reserve Bank of India has imposed a
\nmonetary penalty of Rs 5.00 lakh <\/span>(Rupees five lakh only) each on 16 Central Co-operative Banks listed
\nbelow. <\/span>Penalties have
\nbeen imposed in exercise of powers vested in it under the provisions <\/span>of Section 47(A) read with Section 46 of the
\nBanking Regulation Act, 1949 (As <\/span>applicable to Co-operative Societies), for non-adherence to Know Your
\nCustomer <\/span>(KYC) norms
\nand Anti-Money Laundering (AML) standards.<\/span><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Sr.No.<\/strong><\/p>\n<\/td>\n

\n

Name of the Bank<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

1.<\/strong> <\/p>\n<\/td>\n

\n

The Dumka Central Co-operative Bank Ltd., Dumka (Jharkhand)<\/p>\n<\/td>\n<\/tr>\n

\n

2.<\/strong> <\/p>\n<\/td>\n

\n

The Gumla Simdega Central Co-operative Bank Ltd., (Jharkhand)<\/p>\n<\/td>\n<\/tr>\n

\n

3.<\/strong> <\/p>\n<\/td>\n

\n

The Dhanbad Central Co-operative Bank Ltd., (Jharkhand)<\/p>\n<\/td>\n<\/tr>\n

\n

4.<\/strong> <\/p>\n<\/td>\n

\n

The Rewari Central Co-operative Bank Ltd., Rewari (Haryana)<\/p>\n<\/td>\n<\/tr>\n

\n

5.<\/strong> <\/p>\n<\/td>\n

\n

The Mansa Central Co-operative Bank Ltd., Mansa (Punjab)<\/p>\n<\/td>\n<\/tr>\n

\n

6.<\/strong> <\/p>\n<\/td>\n

\n

The Jind Central Co-operative Bank Ltd., (Haryana)<\/p>\n<\/td>\n<\/tr>\n

\n

7.<\/strong> <\/p>\n<\/td>\n

\n

The Gopalganj Central Co-operative Bank Ltd., Gopalganj (Bihar)<\/p>\n<\/td>\n<\/tr>\n

\n

8.<\/strong> <\/p>\n<\/td>\n

\n

Ajmer Central Co-operative Bank Ltd., Ajmer (Rajasthan)<\/p>\n<\/td>\n<\/tr>\n

\n

9.<\/strong> <\/p>\n<\/td>\n

\n

Hanumangarh Kendriya Sahakari Bank Ltd., (Rajasthan)<\/p>\n<\/td>\n<\/tr>\n

\n

10.        
\n <\/strong> <\/p>\n<\/td>\n

\n

The Central Co-operative Bank Ltd., Bikaner (Rajasthan)<\/p>\n<\/td>\n<\/tr>\n

\n

11.        
\n <\/strong> <\/p>\n<\/td>\n

\n

The Sirohi Central Co-operative Bank Ltd., Sirohi (Rajasthan)<\/p>\n<\/td>\n<\/tr>\n

\n

12.        
\n <\/strong> <\/p>\n<\/td>\n

\n

The Bundi Central Co-operative Bank Ltd., Bundi (Rajasthan)<\/p>\n<\/td>\n<\/tr>\n

\n

13.        
\n <\/strong> <\/p>\n<\/td>\n

\n

The Boudh Co-operative Central Bank Ltd., (Odisha)<\/p>\n<\/td>\n<\/tr>\n

\n

14.        
\n <\/strong> <\/p>\n<\/td>\n

\n

Bhawanipatna Central Co-operative Bank, (Odisha)<\/p>\n<\/td>\n<\/tr>\n

\n

15.        
\n <\/strong> <\/p>\n<\/td>\n

\n

Cuttack Central Co-operative Bank Ltd., (Odisha)<\/p>\n<\/td>\n<\/tr>\n

\n

16.        
\n <\/strong> <\/p>\n<\/td>\n

\n

The Sambalpur District Co-operative Central Bank Ltd., (Odisha)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

The Reserve Bank of India had issued a show
\ncause notice to the banks in response to
\nwhich the banks submitted a written reply. After considering the facts of the cases, the banks’ replies and personal
\nsubmissions in the matter, the Reserve Bank of India came to the conclusion
\nthat the violations were substantiated and warranted imposition of the penalty.<\/p>\n

Alpana
\nKillawala<\/o:p><\/span><\/strong><\/p>\n

Principal Chief General Manager<\/span><\/p>\n

Press Release
\n: 2014-2015\/2073,  March <\/strong>31, 2015                                                    <\/strong><\/p>\n


<\/strong><\/div>\n","protected":false},"excerpt":{"rendered":"

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. 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