Another women cooperative bank based in Ahmedabad and named Mahila Vikas Co-operative Bank has yet again been faulted by the apex bank RBI.
The regulator bank has imposed a penalty of Rs five lakh on the urban cooperative bank.
According to RBI’s press release Mahila Vikas Co-operative Bank has been found violating the Banking Regulation Act, 1949 (AACS)/RBI directives/instructions relating to non-adherence of KYC/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 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 penalty.