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 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.
- IIIT sanctioned for Kakinada: Pallam Raju (apmsemployees.wordpress.com)