RBI slaps Rs 2 lakh fine on Indapur Urban Co-operative Bank
16/08/2016 15:17
The Reserve Bank of India has imposed a monetary penalty of Rs 2.00 lakh on Indapur Urban Co-operative Bank Ltd., Indapur, Pune.
“RBI has imposed a monetary penalty of Rs 2.00 lakh on Indapur Urban Co-operative Bank Ltd., Indapur, Pune for violations of the instructions / guidelines of the Reserve Bank of India relating to credit exposure norms on loans and advances and Know Your Customer (KYC)/Anti-money Laundering (AML) guidelines,” the Bank said in a filing to the Bombay Stock Exchange.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made oral submissions thereon.
After considering the facts of the case and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty.
16/08/2016 15:17
“RBI has imposed a monetary penalty of Rs 2.00 lakh on Indapur Urban Co-operative Bank Ltd., Indapur, Pune for violations of the instructions / guidelines of the Reserve Bank of India relating to credit exposure norms on loans and advances and Know Your Customer (KYC)/Anti-money Laundering (AML) guidelines,” the Bank said in a filing to the Bombay Stock Exchange.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made oral submissions thereon.
After considering the facts of the case and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty.
