Alavi Co-operative Bank Ltd., Vadodara – Penalised


 

Alavi Co-operative Bank Ltd., Vadodara – Penalised

Today, RB has imposed a monetary penalty of Rs5 lacs on Alavi Co-operative Bank Ltd., Vadodara.

 

The penalty was imposed for non-adherence : –

 a) to Know Your Customers (KYC) norms

b) and Anti Money Laundering (AML) guidelines.

 The Press Release can be accessed @

 

In the last couple of occassions, the penal charge was Rs1lac, but today the penal charges on Alavi Co-operative Bank is Rs5lacs

 

In April 2011, CBI officials had questioned the former bank MD Akbari Charniwala and officer Sirajbhai Tinwala for a couple of hours.

 

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One thought on “Alavi Co-operative Bank Ltd., Vadodara – Penalised”

  1. Theses crooks will get away as level of corruption is high. Less some body like DRI gets involved. Mr Charniwala has again joined the same bank, very shameful person and has done lots of damages to the bank and his community as well.
    Samir. Bandukwala

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