The Reserve Bank has imposed penalties of Rs 9 lakh on three cooperative banks for violation of regulations and guidelines relating to anti-money laundering. Two of the banks, Ankola Urban Co-operative Bank and Kushtagi Pattana Sahakara Bank Niyanit, are based in Karnataka, while Salal Sarvoday Nagrik Sahakari Bank is a Gujarat-based lender, RBI said.
The apex bank has imposed a penalty of Rs 2 lakh on Ankola Urban Co-operative Bank for violation provisions relating to the Banking Regulation Act, 1949. The Kushtagi Pattana Sahakara Bank Niyanit has been told to pay a penalty of Rs 5 lakh for similar violations.
Salal Sarvoday Nagrik Sahakari Bank has been imposed a penalty of Rs 2 lakh for violation of RBI instructions on submission of reports of cash transactions above Rs 10 lakh to Financial Intelligence Unit-India.
The penalties were imposed after issuing showcause notices to the three banks and considering their written replies.
The RBI in the past week had penalised seven other cooperative banks for similar violations.