RBI imposes Rs 5 lakh fine on District Co-op Bank in Andhra

Reserve Bank has penalised District Co-operative Bank based in Andhra Pradesh with Rs 5 lakh fine for non-adherance of KYC and anti-money laundering norms.
"The Reserve Bank of India has imposed a monetary penalty of Rs 5 lakh on The District Cooperative Central Bank Ltd., Mahabubnagar, Andhra Pradesh,...For non-adherence to Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines," RBI said in a release.
Earlier, the RBI had issued a show cause notice to the bank in response to which the bank had submitted a written reply.
However, after considering the facts, RBI penalised the bank with the monetary fine.

"After considering the facts of the case, the bank's reply and personal submissions in the matter, the RBI came to the conclusion that the violation was substantiated and warranted imposition of the penalty," it added.