RBI penalises National Central Co-operative Bank Ltd., Bettiah

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....BI penalises National Central Co-operative Bank Ltd., Bettiah <br>News and Press Release<br>Dated:- 24-3-2014<br><BR>The Reserve Bank of India has imposed a monetary penalty of Rs. 5.00 lakh (Rupees f....

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....ive lakh only) on National Central Co-operative Bank Ltd., Bettiah, Bihar in exercise of powers vested in it under the provisions of Section 47(A) read with Section 46 of the Banking Regulation Act, 1....

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....949 (As Applicable to Co-operative Societies), for non-adherence to Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. The Reserve Bank of India had issued a show cause notic....

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....e to the bank in response to which the bank submitted a written reply. After considering the facts of the case, the bank&#39;s reply and personal submissions in the matter, the Reserve Bank of India c....

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....ame to the conclusion that the violation was substantiated and warranted imposition of the penalty. Ajit Prasad Assistant General Manager<BR> News - Press release - PIB....