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.
