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RBI imposes fine on 16 Central Co-operative Banks for violation of norms

April 1, 2015EconomyOmkar Sawant

The Reserve Bank of India (RBI) on 31 March 2015 imposed a monetary penalty of five lakh rupees on 16 Central Co-operative Banks (CCBs).

RBI

The penalty was imposed for non-adherence of the Know Your Customer (KYC) and Anti-Money Laundering guidelines

The 16 co-operative banks on which the penalty was imposed are:

Sr. No. Name of the Bank Location
1. The Dumka Central Co-operative Bank Ltd. Dumka (Jharkhand)
2. The Gumla Simdega Central Co-operative Bank Ltd. Jharkhand
3. The Dhanbad Central Co-operative Bank Ltd. Jharkhand
4. The Rewari Central Co-operative Bank Ltd. Rewari (Haryana)
5. The Mansa Central Co-operative Bank Ltd. Mansa (Punjab)
6. The Jind Central Co-operative Bank Ltd. Haryana
7. The Gopalganj Central Co-operative Bank Ltd. Gopalganj (Bihar)
8. Ajmer Central Co-operative Bank Ltd. Ajmer (Rajasthan)
9. Hanumangarh Kendriya Sahakari Bank Ltd. Rajasthan
10. The Central Co-operative Bank Ltd. Bikaner (Rajasthan)
11. The Sirohi Central Co-operative Bank Ltd. Sirohi (Rajasthan)
12. The Bundi Central Co-operative Bank Ltd. Bundi (Rajasthan)
13. The Boudh Co-operative Central Bank Ltd. Odisha
14. Bhawanipatna Central Co-operative Bank Odisha
15. Cuttack Central Co-operative Bank Ltd. Odisha
16. The Sambalpur District Co-operative Central Bank Ltd. Odisha

The penalties were imposed on these co-operative banks in exercise of powers vested in RBI under the provisions of Section 47(A) read with Section 46 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for non-adherence to Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards.

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