Tag Archives: Imposes

RBI Imposes Restrictions On Withdrawal From Certain Bank Accounts

Mumbai: Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank on Thursday imposed certain restrictions on withdrawal if more than Rs. 2 lakh has been deposited after November 9 in an account which has a balance of over Rs. 5 lakh. As per a RBI notification, withdrawal or transfer of funds will not ... Read More »

RBI Imposes Penalty On Four Cooperative Banks

Mumbai: The Reserve Bank of India has imposed penalties of up to Rs 5 lakh on four cooperative banks for violation of various norms. The RBI said it has imposed a monetary penalty of Rs 5 lakh on The Cooperative City Bank, Guwahati, for flouting KYC (know your customer) norms and non-adherence to requirements relating to identification and reporting of suspicious transactions. A penalty of Rs ... Read More »