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17Th Aug 2016
The Reserve Bank on India (RBI) on
Tuesday said it has imposed penalties of up to Rs5 lakh on four co-operative
banks for violation of norms. The Total Investment & Insurance
Solutions
The central bank said it has imposed
a monetary penalty of Rs5 lakh on The Co-operative City Bank, Guwahati, for
flouting know-your-customer (KYC) norms and non-adherence to requirements
relating to identification and reporting of suspicious transactions.
A penalty of Rs2 lakh has been
imposed on Indapur Urban Co-operative Bank, in Pune dsitrict of Maharashtra for
violations of norms related to KYC and anti-money laundering and credit
exposure norms on loans. The Total Investment & Insurance Solutions
RBI has also imposed a penalty of
Rs1 lakh on Shri Dadasaheb Gajmal Co-operative Bank in Pachora of Maharashtra's
district of Jalgaon for violation of norms relating to creation of floating
charge on its assets without prior permission. The Total Investment
& Insurance Solutions
In a separate statement, RBI said it
has imposed a penalty of Rs1 lakh on the Model Co-operative Urban Bank,
Hyderabad, Telangana for violation of directives and guidelines on loans and
advances to directors and their relatives.The Total Investment & Insurance
Solutions
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