For lapses in KYC/AML norms
Corporation Bank announced that Reserve Bank of India (RBI) in exercise of powers conferred under Section 47(A)(1)(c) read with the Section 46(4)(i) of the Banking Regulation Act, 1949 has imposed a penalty of Rs. 1 crore on the Bank due to some lapses in KYC/AML norms, along with some other Banks.The Bank has already taken necessary preventive measures / action plan to avoid such recurrence.
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