The Reserve Bank of India has penalised three cooperative banks in Gujarat with non adherence to RBI norms out of which two have also been charged for not following the anti-money laundering (AML) guidelines.
The apex bank has imposed a penalty of Rs 1 lakh each on-Sulaimani Co-operative Bank of Vadodara, Shri Lodra Nagarik Sahakari Bank of Gandhinagar and Junagadh Commercial Co-operative Bank for flouting banking rules.The RBI had issued show cause notices to the banks, in response to which they submitted a written reply.
"After considering the facts of the case and the banks' reply in the matter, the apex bank came to conclusion that the violations were substantiated and it warranted imposition of penalty," a RBI official said.
The Sulaimani Co-operative Bank, in Vadodara was imposed penalty for not adhering to operational instructions specifically issued to the bank by RBI, besides instructions on ceiling on inter-bank deposits, inspection compliance and non adherence to AML guidelines.
The Junagadh Commercial Cooperative bank has been levied penalty for violation of Know Your Customer norms and flouting AML guidelines. While, Shri Lodra Nagarik Sahakari Bank, in Gandhinagar was slapped penalty for violation of apex banks guidelines on KYC norms and not filing Cash Transaction Report (CTR) with Financial Intelligence Unit-India (FIU-IND), New Delhi.
