The Siddhi Co-operative Bank Ltd., Ahmedabad – Penalised


The Siddhi Co-operative Bank Ltd., Ahmedabad – Penalised

In the recent past, Reserve Bank of India, has been levying monetary penalties on Co-operative Banks for violation of RBI directives.

In this connection, The Siddhi Co-operative Bank Ltd., Ahmedbad, has been penalized with a fine of Rs5 lacs/-

Broadly, the penalty was imposed for

01)  for violation of RBI instructions/directions on Know Your Customer (KYC) / Anti Money Laundering (AML)

02)  for submitting improper compliance of the observations made in its last inspection report.

Compared to penalties imposed on other cooperative banks in the past few months, the amount imposed on Siddhi Co-operative Bank is more.

This could be due to the combination of violation of KYC/AML norms as well as for improper compliance of the Inspection Report points.

The word Siddhi means Perfection or ; accomplishment. Siddhi is also a name of the Goddess Lakshmi and of Lord Vishnu.

Of course, as is the norm, there is no relation between the meaning and acts in the Siddhi Co-operative Bank matter.

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