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of <h1>RBI Fines Aurangabad Co-operative Bank Rs. 5 Lakh for Violating KYC/AML Guidelines and Audit Compliance Under Banking Regulation Act, 1949.</h1> The Reserve Bank of India imposed a monetary penalty of Rs. 5 lakh on The Aurangabad District Industrial and Urban Co-operative Bank Ltd. for violating directives related to KYC/AML guidelines, failure to implement a Concurrent Audit System, and issues with compliance and deposit concentration. These actions were in accordance with the Banking Regulation Act, 1949. Following a show cause notice and the bank's response, the RBI determined that the violations were substantiated, justifying the penalty.
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