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RBI penalises Surat People’s Co-op Bank

The RBI has imposed a penalty of Rs. 5 lakh

June 29, 2012 2:57 IST | India Infoline News Service
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 5 lakh on the Surat People's Co-operative Bank Ltd located in Surat, Gujarat.

The bank had violated RBI directives regarding establishment/promotion of trusts, loans and advances to firms/companies in which director of the bank and their relatives were interested and KYC (know your customer) norms among others.

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