NEWS & ADVICE : PERSONAL LOAN
Another cooperative bank fined by RBI
By Vaibhav Aggarwal
Sep 1, 2011
Print    Email    RSS   

Reserve Bank of India seems to be continuing with penalizing cooperative banks for non adherence to RBI directives. This time the apex bank has fined Gujarat based Shri Janata Sahakari Bank.

The bank has been penalised with amount worth Rs 1 lakh.

"The RBI has imposed a monetary penalty of Rs. 1 lakh on Shri Janata Sahakari Bank Ltd, Halol, in exercise of powers vested in it for not reporting cash transactions in excess of Rs. 10 lakh to Financial Intelligence Unit-India (FIU-IND), as required under the Anti-Money Laundering guidelines," read a notification by RBI.

Prior to levying the penalty a show cause notice was sought from the bank. The bank had replied in a written statement.

"After considering the facts of the case and the bank's reply, as also personal submissions in the matter, the RBI came to the conclusion that the violations were substantiated and warranted imposition of the penalty," RBI said.

Out of the large number of cooperative banks fined by the apex bank this year, most of them belong to Gujarat.


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Carnival of Indian Personal Finance Blogs #6
An Insight into Lending Rate Changes
Benefits and drawbacks of personal loans...
Now, Do Banking on Social Media Sites
Pros and Cons of Personal loans


Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan
ho many month balance in My Personal loan

NEWS THIS WEEK
LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive