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Penalty Imposed on The Bank

RBI vide its Speaking Order dated February 16, 2010 received by the Bank on February 24, 2010 has imposed a penalty of Rs. 25 lakh on the Bank in terms of Section 47 A (1)(b) of the Banking Regulation Act, 1949 for (i) violation of the Reserve Bank of India's directions issued under Section 35A of the Banking Regulation Act, 1949 in the area of acquisition of immovable properties, (ii) deletion of records in the bank's IT systems, (iii) Nonadherence to know your customer/anti money laundering guidelines in the opening and conduct of certain accounts, (iv) irregularities in the conduct of accounts of a corporate group and (v) failure to provide certain documents sought by the Reserve Bank of India and misrepresenting that such documents were not available.

The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply, presented its case through personal hearing. However, the Reserve Bank of India concluded the violations as substantiated and warranted imposition of penalty.