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Wednesday, May 13, 2015

RBI imposes penalty on Sri Ganesh Co-operative Bank Ltd., Gulbarga, Karnataka



The Reserve Bank of India has imposed a monetary penalty of 15.00 lakh (Rupees Fifteen lakh only) on Sri Ganesh Co-operative Bank Ltd., Gulbarga, Karnataka.

The monetary penalty is for violation of Reserve Bank of India’s instructions for violating Know Your Customers (KYC)/Anti Money Laundering (AML) Guidelines in issuing ‘at par cheques’ to large number of walk-in-customers by intentionally structuring them below 50,000/-.

RBI also observed that it had opened benami accounts and allowed huge cash deposits in such accounts.

Tourist spots in Gulbarga can be viewed here.


Taste of Gulbarga cuisine can be viewed here.

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