RBI imposes Rs. 5 lakh fine on 16 banks for violation of norms

The Reserve Bank of India penalised 16 central cooperative banks with a fine of Rs. 5 lakh each for non-adherence of the Know Your Customer (KYC) and Anti-Money Laundering guidelines.

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
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)

Penalties was imposed in exercise of powers vested in it 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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