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RBI penalises Hyderabad District Co-op Bank

The penalty amount is Rs. 5 lakh

June 11, 2013 11:07 IST | India Infoline News Service
The Reserve Bank of India (RBI) on Monday imposed penalty of Rs. 5 lakh on the Hyderabad District Co-operative Central Bank, Andhra Pradesh for non-adherence to know your customers (KYC) norms and anti money laundering (AML) guidelines.

The RBI 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 the matter, the central bank came to the conclusion that the violation was substantiated and warranted imposition of the penalty.

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