RBI imposes penalty on The Karjan Nagarik Sahakari Bank Ltd., Karjan, District Vadodara (Gujarat)


 

The Reserve Bank of India has imposed a monetary penalty of Rs1.00 lakh (Rupees one lakh only) on The Karjan Nagarik Sahakari Bank Ltd., Karjan, District Vadodara (Gujarat).

The penalty is for violation of the Reserve Bank’s instructions relating to ‘know your customer’ (KYC) norms.

One of the most important religious places in Karjan, is the Rang avadhudh maharaj asharam ‘Nareshawar’ is in Karjan Taluka.

Karjan is also known for its  Sari Market, people come from across Vadodara to shop in Karjan.

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3 thoughts on “RBI imposes penalty on The Karjan Nagarik Sahakari Bank Ltd., Karjan, District Vadodara (Gujarat)”

  1. UK Banks are required to take action against money-laundering. A friend of mine was defrauded recently. The transaction involved all of the funds in her account being transferred at once into an account at another bank. This account was in turn immediately emptied. Although this was a fraud, it bears the hallmarks of money-laundering. Neither bank saw these transactions as suspicious, even after my friend brought them to their attention.

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