Janatha Seva Co-operative Bank Ltd., Bangalore – Penalised


RBI vide its Press Release dt.16/12/2011, has informed that it has imposed  a monetary penalty of `5.00 lakh (Rupees five lakh only) on Janatha Seva Co-operative Bank Ltd., Bangalore.

The monetary penalty was  for violation of Reserve Bank of India’s instructions on

01) Know Your Customers (KYC) norms and

02) Anti Money Laundering (AML)  guidelines.

The normal process of issuing a show cause notice by RBI, submission of a written reply, opportunity of a personal hearing was carried out, before imposition of the monetary penalty.

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