The Reserve Bank of India (RBI) on 31 March 2015 imposed a monetary penalty of five lakh rupees on 16 Central Co-operative Banks (CCBs).
The penalty was imposed for non-adherence of the Know Your Customer (KYC) and Anti-Money Laundering guidelines. The 16 co-operative banks on which the penalty was imposed are
1. The Dumka Central Co-operative Bank Ltd., Dumka (Jharkhand)
2.The Gumla Simdega Central Co-operative Bank Ltd., (Jharkhand)
3.The Dhanbad Central Co-operative Bank Ltd., (Jharkhand)
4.The Rewari Central Co-operative Bank Ltd., Rewari (Haryana)
5.The Mansa Central Co-operative Bank Ltd., Mansa (Punjab)
6.The Jind Central Co-operative Bank Ltd., (Haryana)
7.The Gopalganj Central Co-operative Bank Ltd., Gopalganj (Bihar)
8.Ajmer Central Co-operative Bank Ltd., Ajmer (Rajasthan)
9.Hanumangarh Kendriya Sahakari Bank Ltd., (Rajasthan)
10.The Central Co-operative Bank Ltd., Bikaner (Rajasthan)
11.The Sirohi Central Co-operative Bank Ltd., Sirohi (Rajasthan)
12.The Bundi Central Co-operative Bank Ltd., Bundi (Rajasthan)
13.The Boudh Co-operative Central Bank Ltd., (Odisha)
14.Bhawanipatna Central Co-operative Bank, (Odisha)
15.Cuttack Central Co-operative Bank Ltd., (Odisha)
16.The Sambalpur District Co-operative Central Bank Ltd., (Odisha)
The penalties were imposed on these co-operative banks in exercise of powers vested in RBI under the provisions of Section 47(A) read with Section 46 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for non-adherence to Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards.
