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RBI imposed 5 lakh rupees fine on 16 Central Co-operative Banks for violation of norms

The penalty was imposed for non-adherence of the Know Your Customer and Anti-Money Laundering guidelines.

Apr 1, 2015 09:00 IST
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The Reserve Bank of India (RBI) on 31 March 2015 imposed a monetary penalty of five lakh rupees on 16 Central Co-operative Banks (CCBs).

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)

The penalties were imposed on these co-operative banks in exercise of powers vested in RBI 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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