The Reserve Bank of India (RBI) today penalised Gujarat-based co-operative sector lender -Porbandar Vibhagiya Nagarik Sahakari Bank (PVNSB)- for violation of its guidelines. A penalty of Rs 1 lakh was imposed on PVNSB for violating RBI guidelines on 'Know Your Customer (KYC)' norms as well as Anti Money Laundering (AML). The RBI had issued a show-cause notice to the bank, in response to which, the bank had submitted a written reply. "After considering the facts and the bank's reply in the matter, the RBI came to the conclusion that the violation was substantiated and warranted the imposition of penalty," an official statement said. Over a dozen co-operative banks from Gujarat have been fined by RBI in the past for violating its guidelines on AML and KYC.
Moneycontrol
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