MUMBAI, Oct 30: The Reserve Bank of India (RBI) has imposed a
penalty of Rs 5 lakh on The Vijay Co-operative Bank Ltd., Ahmedabad,for violation of Know Your Customer (KYC) norms and operational instructions and distributing dividend without obtaining prior approval from RBI.
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 replies as also personal submission in the matter, the RBI came to the conclusion, that the violation was substantiated and warranted
imposition of the penalty, a RBI release said. (UNI)
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