The Reserve Bank has imposed a monetary penalty of 5 lakh on the GMCB in Kutch, an official statement said today. The penalty was slapped for violation of guidelines of the apex bank on disclosure of monetary penalty in public domain, non-adherence to AML guidelines and allowing intra-day overdrawals in several accounts, amongst other violations of banking rules,.
The bank was also charged with violating norms on lending for purchase of land for construction of commercial property and non-compliance to Know Your Customer (KYC) norms. The RBI 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, the bank's reply as well as personal submission in the matter, RBI concluded that the violation was substantiated and warranted imposition of the penalty, the statement said.
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