Mumbai, Apr 4 (UNI) The Reserve Bank of India (RBI) has imposed a penalty of Rs one lakh on Kolhapur Mahila Sahakari Bank Ltd, Kolhapur, for violation of its directives on Know Your Customer/ Anti-Money Laundering.
RBI imposed the penalty on the Mahila Sahakari Bank while exercising its powers vested in it under the provisions of Section 47A(1)(b), read with Section 46(4), of the Banking Regulation Act, 1949. The act is applicable to cooperative socities, a RBI release said here today.
RBI had issued a show casue notice to the bank, in response to which the Mahila Sahakari Bank submitted a written reply. Based on it, the apex bank came to the conclusion that the violation was subtantiated and warranted imposition of penalty. Accordingly, it penalised the bank, the release added.
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