RBI penalises The Kakinada District Co-operative Central Bank Ltd., Andhra Pradesh


As The Kakinada District Co-op Central Bank, violated RBI guidelines on Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines, RBI imposed a monetary penalty of Rs5.00 lacs(Rupees five lacs only) on the said bank.

Kakinada is nicknamed as “Fertilizer City” (owing to the large concentration of fertiliser plants), “Pensioner’s Paradise” and “Second Madras”.

Kakinada is part of a Special Economic Zone and a proposed “Petroleum, Chemical and Petrochemical Investment Region (PCPIR)”. It is a hub to all the deep sea exploratory activity in the region due to its deep-water sea port and its proximity to the gas fields.

The area is famous for its mouth-watering sweet Kakinada Khaza.


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