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Which 16 Indian Co-operative banks has been charged 5 lakh rupees fine by RBI for violation of norms?

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posted Apr 2, 2015 by anonymous

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1 Answer

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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).

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

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.

answer Apr 2, 2015 by Manikandan J
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