BANGALORE: The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 lakh on Janata Seva Cooperative Bank Limited, Bangalore, under sections relevant to Anti- Money ‘Laundering Guidelines’ violations. The RBI informed that it issued a show-cause notice to the bank, in response to which the bank is said to have submitted its side of the case. But after the hearing and other procedures, the RBI imposed a penalty of Rs 5 lakh on the Janata Seva Co-operative bank.
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