he Reserve Bank today imposed a penalty Rs 5 lakh on Kolhapur District Central Co-operative Bank for violation of guidelines related to Know Your Customers (KYC) norms and Anti Money Laundering standards.

"The RBI has imposed a monetary penalty of Rs 5 lakh on Kolhapur District Central Co-operative Bank ...For violating guidelines issued by the Reserve Bank on Know Your Customers (KYC) norms/Anti Money Laundering (AML) standards", RBI said in a statement.

The apex bank said it had issued a show cause notice to the bank, and "came to the conclusion that the violations were substantiated and warranted imposition of the penalty". (BS)