RBI penalises The Aurangabad District Industrial and Urban Co-operative Bank Ltd., Aurangabad

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....BI penalises The Aurangabad District Industrial and Urban Co-operative Bank Ltd., Aurangabad <br>News and Press Release<br>Dated:- 18-2-2014<br><BR>The Reserve Bank of India has imposed a monetary pen....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....alty of Rs. 5.00 lakh (Rupees Five Lakh only) on The Aurangabad District Industrial and Urban Co-operative Bank Ltd., Aurangabad in exercise of 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 directives issued by Reserve Bank of India on KYC/AML guidelines, non-i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ntroduction of Concurrent Audit System, submission of wrong/unsatisfactory/delayed compliance to RBI Inspection Report and concentration of Deposits. The Reserve Bank of India had issued a show cause....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case and the bank's reply in the matter, the Reserve Bank came to the conclusion that t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he violations were substantiated and warranted imposition of the penalty. Ajit Prasad Assistant General Manager<BR> News - Press release - PIB....