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The Progressive Mercantile Co-operative Bank Ltd., Ahmedabad penalised

Written By Admin on Friday, 9 December 2011 | Friday, December 09, 2011

The Reserve Bank of India has imposed a monetary penalty of  
`1.00 lakh (Rupees one lakh only) on the The Progressive Mercantile 
Co-operative Bank Ltd., Ahmedabad, 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 violation of Reserve Bank 
of India's instructions on Know Your Customers (KYC) / Anti Money
Laundering (AML) norms. 

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
of India came to the conclusion that the violation was substantiated 
and warranted imposition of the penalty.

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