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.