RBI has penalised 16 central co-operative banks with a fine of 5 lakh rupees each for non-adherence of the Know Your Customer and Anti-Money Laundering guidelines. These include Dumka Central Co-op. Bank Ltd (Jharkhand), Cuttack Central Co-op. Bank Ltd (Odisha) and Ajmer Central Co-op. Bank Ltd (Rajasthan).
The RBI said in a notification that the lenders were issued show-cause notices and the action was taken after going through the responses. It stated that after considering the facts of the cases, the banks' replies and personal submissions in the matter, it came to the conclusion that the violations were substantiated and warranted imposition of penalty. |
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