CA Final Download the best Free CA FINAL android app for cracking your exam! Download Now

RBI imposes Rs 1 cr penalty on Dhanlaxmi Bank

RBI imposes Rs 1 cr penalty on Dhanlaxmi Bank

The Reserve Bank has imposed Rs 1 crore penalty on Dhanlaxmi Bank for violation of Know Your Customer (KYC) and Anti Money Laundering (AML) norms.

It had issued a Show Cause Notice to the bank for not complying with KYC and AML guidelines “in respect of a current account under investigation” of the Economic Offences Wing (EOW), Mumbai.

“The Reserve Bank of India has imposed a monetary penalty of Rs 10 million on Dhanlaxmi Bank Ltd for violation of its instructions, among other things, on KYC norms and AML standards,” the central bank said in a statement.

After considering the bank’s reply, as also, personal submissions, information submitted and documents furnished, RBI came to the conclusion that the bank had violated the instructions/guidelines issued, from time to time, which warranted imposition of monetary penalty on it.

RBI further said that “this action” is based on deficiencies in regulatory compliance and is “not intended” to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers. (Financial Express).

RBI imposes Rs 1 cr penalty on Dhanlaxmi Bank

At CAKART www.cakart.in you will get everything that you need to be successful in your CA CS CMA exam – India’s best faculty video classes (online or in pen drive) most popular books of best authors (ebooks hard copies) best scanners and all exam related information and notifications.Visit www.cakart.in and chat with our counsellors any time. We are happy to help you make successful in your exams.

.

www.cakart.in.

Click Here to download FREE CA CS CMA Text Books.

Leave a comment

Your email address will not be published. Required fields are marked *