RBI imposed penalty of Rs. 5 lakh on The Nasik Merchants Co-operative Bank Ltd

by

The Reserve Bank of India has imposed a monetary penalty of Rs. 5.00 lakh (Rupees Five Lakh only) on The Nasik Merchants Co-operative Bank Ltd., Nashik in exercise of the powers vested in it under the provisions of Section 47A (1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violations, during the tenure of the erstwhile Board of Directors, of the directives/ guidelines/instructions of the Reserve Bank of India relating to Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Measures/ Combating of Financing of Terrorism (CFT)/ Obligations of banks under Prevention of Money Laundering Act (PMLA) etc.

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 penalty.

Anirudha D. Jadhav
Assistant Manager

Press Release: 2015-2016/2033

Related posts:

  1. RBI imposes monetary penalty on ICICI Bank and Bank of Baroda for violating KYC/AML Instructions
  2. The RBI has imposed a monetary penalty of Rs. 5.00 lakh on The Banaskantha Mercantile Co-operative Bank Ltd.
  3. The RBI has imposed a monetary penalty of Rs.5.00 lakh on The Bhuj Mercantile Co-operative Bank Ltd
  4. RBI has imposed a monetary penalty of Rs 5.00 lakh each on 16 Central Co-operative Banks
Taxclick Team
This is the team of the finance profession who, update the site on daily basis. The team is also responsible for giving the update as earliest and also give the timely reply to the quires asked by the visitors. The team can be reached at info@taxclick.org.

Leave a Comment