Tag Archives: Money laundering

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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RBI Penalises Sher Nagrik Sahakari Bank Ltd., Jabalpur (Madhya Pradesh)

The Reserve Bank of India has imposed a monetary penalty of Rs 5.00 lakh (Rupees five lakh only) on Sher Nagrik Sahakari Bank Ltd., Jabalpur

The monetary penalty is for:

01) for violation of RBI directive/instructions/ guidelines relating to Know Your Customers (KYC)/ Anti Money Laundering (AML) norms,

02)charging of interest on loans and advances and operational instructions issued to the bank by RBI under section 36(1) of the Banking Regulation Act, 1949 (AACS).

Madan Mahal Fort is one of Jabalpur’s most loved tourist attractions. The fort was built in the 11th century, by 38th Gond (Tribe) ruler, Raja Madan Shah. The fort dominates the skyline and provides a panoramic view of the town and the country-side around it.

 

RBI Penalises Rajsamand Urban Co-operative Bank Limited, Rajsamand

The Reserve Bank of India has imposed a monetary penalty of Rs 2.00 lakh (Rupees two lakh only) on Rajsamand Urban Co-operative Bank Limited, Rajsamand, for violating the Know Your Customers (KYC) norms and Anti Money Laundering (AML) directives of Reserve Bank of India.

Rajsamand situated in Rajasthan state, is most famous for an artificial lake created by Rana Raj Singh of Mewar in the 17th century.

On the embankment of the lake, visitors can view nine pavilions or ‘Nauchowki’ (nine Ghats), which were constructed by Maharana Raj Singh. The beautifully carved pavilions are festooned with pictures of the Sun, chariots, gods, birds and wonderful carvings. The history of Mewar is inscribed in 1017 stanzas, on twenty-seven marble slabs, that are called as ‘Raj Prasasti’. It has also been acclaimed as one of the longest etchings acknowledged in India.

RBI Penalises Adarsh Co-operative Bank Limited, Sirohi

            A monetary penalty of Rs5lacs was imposed on Adarsh Urban Co-operative Bank Limited, Sirohi, Reserve Bank of India.

The monetary penalty is for violating the Know Your Customers (KYC) norms and Anti Money Laundering (AML) directives of Reserve Bank of India.

Sirohi is a city in southern Rajasthan state in western India, and is the administrative headquarters of Sirohi District, and was formerly the capital of the princely state of the same name ruled by Deora Rajput. It is also known as Devnagari, due to a chain of 14 Jain temples.

Another major tourist attraction in Sirohi is Mt.Abu.