TaxTMI 
TaxTMI 
RBI penalises National Central Co-operative Bank Ltd., Bettiah
X X X X Extracts X X X X
X X X X Extracts X X X X
....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....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e 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 the matter, the Reserve Bank of India c....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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....