sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Latest Circulars »
 Seeks to exempt payment of tax under section 9(4) of the CGST Act, 2017
  Master Circular - Disbursement of Government Pension by Agency Banks
 Auction for Sale (Re-issue) of Government Stock (GS) September 17, 2018
 Auction of Government of India Dated Securities September 17, 2018
 Amendments to Reserve Bank of India (Note Refund) Rules, 2009 RBI/2018-19/46
 Sources of Variation in Foreign Exchange Reserves in India during April-June 2018
 Amendments to Reserve Bank of India (Note Refund) Rules, 2009
 Ministry Of Finance Notification No. 42/2018
 Ministry Of Finance Notification No. 41/2018
 Auction of Government of India Dated Securities August 31, 2018
 Auction for Sale (Re-issue) of Government Stock (GS) August 31, 2018

RBI imposes penalty on Shivam Sahakari Bank Limited, Kolhapur
September, 27th 2016

The Reserve Bank of India has imposed a monetary penalty of 2.00 lakh (Rupees two Lakh only) on Shivam Sahakari Bank Limited, Kolhapur in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violations of the instructions / guidelines of the Reserve Bank of India relating to Area of Operation and Know Your Customer (KYC)/Anti-Money Laundering (AML).

The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made oral submissions thereon. After considering the facts of the case and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty.

Ajit Prasad
Assistant Adviser

Press Release: 2016-2017/770

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions