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RBI slaps Rs 5 lakh fine on Krishna Mercantile Co-operative Bank

By Religare

The Reserve Bank of India has imposed a monetary penalty of Rs 5.00 lakh on the Krishna Mercantile Co-operative Bank Ltd., Bhopal for the violation of the guidelines of the Reserve Bank on implementation of Know Your Customers (KYC)/Anti Money Laundering (AML) norms.

The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply.

After considering the facts of the case and the bank's reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the monetary penalty.

Story first published: Tuesday, August 25, 2015, 12:20 [IST]
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