RBI penalises The Kakinada District Co-operative Central Bank Ltd., Andhra Pradesh

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....BI penalises The Kakinada District Co-operative Central Bank Ltd., Andhra Pradesh <br>News and Press Release<br>Dated:- 6-12-2013<br><BR>The Reserve Bank of India has imposed a monetary penalty of Rs.....

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.... 5.00 lakh (Rupees five lakh only) on The Kakinada District Co-operative Central Bank Ltd., Andhra Pradesh in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Sect....

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....ion 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for non-adherence to Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. The Reserve B....

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....ank of India had issued a show cause notice to the bank in response to which the bank submitted a written reply. After considering the facts of the case, the bank's reply and personal submissions in t....

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....he matter, the Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of the penalty. Ajit Prasad Assistant General Manager<BR> News - Press relea....

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....se - PIB....