October 19, 2011
The Jain Sahakari Bank Ltd., Mumbai – Penalised
The Reserve Bank of India has imposed a monetary penalty of
1.00 lakh (Rupees one lakh only) on The Jain Sahakari Bank Ltd., Mumbai, Maharashtra, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violations of the directives/guidelines of Reserve Bank on compliance with Know Your Customers (KYC) norms/Anti Money Laundering (AML) guidelines.
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 bank's reply in the matter and submission made during the personal hearing, the Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of the penalty.
Assistant General Manager