https://www.taxtmi.com/news?id=11992 The Reserve Bank of India determined that Sher Nagrik Sahakari Bank Ltd. breached KYC/AML norms, charged interest contrary to directions, and failed to follow operational instructions under the Banking Regulation Act as applicable to cooperative societies. After issuing a show cause notice and considering the bank's written and personal submissions, the RBI concluded the violations were substantiated under Section 47(A)(1)(b) read with Section 46(4) and Section 36(1), and proceeded to apply its statutory disciplinary powers. en-us Tue, 26 Nov 2013 17:14:19 +0530 Tue, 26 Nov 2013 17:14:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=11992 The Reserve Bank of India determined that Sher Nagrik Sahakari Bank Ltd. breached KYC/AML norms, charged interest contrary to directions, and failed to follow operational instructions under the Banking Regulation Act as applicable to cooperative societies. After issuing a show cause notice and considering the bank's written and personal submissions, the RBI concluded the violations were substantiated under Section 47(A)(1)(b) read with Section 46(4) and Section 36(1), and proceeded to apply its statutory disciplinary powers. News - Tue, 26 Nov 2013 17:14:19 +0530 https://www.taxtmi.com/news?id=11992