RBI imposes penalty on The Karjan Nagarik Sahakari Bank Ltd., Karjan, District Vadodara (Gujarat)

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....BI imposes penalty on The Karjan Nagarik Sahakari Bank Ltd., Karjan, District Vadodara (Gujarat) <br>News and Press Release<br>Dated:- 7-9-2013<br><BR>The Reserve Bank of India has imposed a monetary ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....penalty of Rs.1.00 lakh (Rupees one lakh only) on The Karjan Nagarik Sahakari Bank Ltd., Karjan, District Vadodara (Gujarat), in exercise of the powers vested in it under the provisions of Section 47A....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of the Reserve Bank's instructions relating to 'know your customer' (KYC) no....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rms. The Reserve Bank had issued a show cause notice to the bank based on the findings of inspection for the financial position as on March 31, 2012, in response to which the bank submitted a written....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... reply. After considering the facts of the case and the bank's reply in the matter, the Reserve Bank came to the conclusion that the violation was substantiated and warranted imposition of the penalty....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... Sabeeta Badkar Assistant Manager<BR> News - Press release - PIB....