RBI slaps Rs 5 lakh fine on Pithoragarh Jila Sahakari
Bank
17/06/2014 10:10
The Reserve Bank of India has imposed a penalty of Rs 5 lakh on Pithoragarh Jila Sahakari Bank Ltd. for non-adherence to Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. “The Reserve Bank of India has imposed a monetary penalty of 5 lakh on Pithoragarh Jila Sahakari Bank Ltd., Pithoragarh, Uttarakhand for non-adherence to Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines,” RBI said in a press release. Earlier, the Reserve Bank of India had issued a show cause notice to the bank in response to which the bank submitted a written reply. However, after considering the facts of the case, the bank's reply and personal submissions in the matter, the Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of the penalty.
17/06/2014 10:10
The Reserve Bank of India has imposed a penalty of Rs 5 lakh on Pithoragarh Jila Sahakari Bank Ltd. for non-adherence to Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. “The Reserve Bank of India has imposed a monetary penalty of 5 lakh on Pithoragarh Jila Sahakari Bank Ltd., Pithoragarh, Uttarakhand for non-adherence to Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines,” RBI said in a press release. Earlier, the Reserve Bank of India had issued a show cause notice to the bank in response to which the bank submitted a written reply. However, after considering the facts of the case, the bank's reply and personal submissions in the matter, the Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of the penalty.
