NEWS & ADVICE : PERSONAL LOAN
Customer account information to be provided by Co-op Banks
By Vaibhav Aggarwal
Nov 28, 2013
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As a component of all India head to keep an eye on dark cash, unlawful transactions and cash laundering, notices have been issued by the Income Tax (IT) Department to around 1,100 cooperative banks and credit social orders in the state. As per sources, I-T section has requested the cooperative banks to provide the details of customers who have deposits in cash which is over Rs.5 lakhs to outfit the items of the measure. The information assembled by I-T authorities will be transferred on the central server. When the information is accessible, the officers will experience it to check for suspicious transactions.

As per the standards which the RBI has issued to the banks in the nation, the IT Department is conducting the drive. RBI had penalized national banks for not sticking to KYC standards. I-T section had also issued perceives to goldsmiths over the state to give details of the bullion they had purchased.


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