The Reserve Bank of India has imposed a monetary penalty of Rs 1 lakh on Kaujalgi Urban Cooperative Credit Bank Ltd., for violations RBI norms. “The Reserve Bank of India has imposed a monetary penalty of ? 1.00 lakh (on Kaujalgi Urban Cooperative Credit Bank Ltd., Koujalgi, Karnataka for violating Reserve Bank of India’s instructions/guidelines in respect of ‘The Depositor Education and Awareness Fund Scheme, 2014’ and also for violations of Know Your Customer/Anti-Money Laundering (KYC/AML) directives issued by RBI,” RBI said in a notification.
The Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank sought extension of time for complying with the same. Although extension of time was granted twice, the bank had neither submitted compliance nor sought personal hearing. After considering the facts of the case and the bank’s failure to reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty.
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The Reserve Bank of India has imposed a monetary penalty of Rs 1 lakh on Kaujalgi Urban Cooperative Credit Bank Ltd., for violations RBI norms. “The Reserve Bank of India has imposed a monetary penalty of ? 1.00 lakh (on Kaujalgi Urban Cooperative Credit Bank Ltd., Koujalgi, Karnataka for violating Reserve Bank of India’s instructions/guidelines in respect of ‘The Depositor Education and Awareness Fund Scheme, 2014’ and also for violations of Know Your Customer/Anti-Money Laundering (KYC/AML) directives issued by RBI,” RBI said in a notification.
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