The Reserve Bank of India (RBI) imposed a penalty of Rs 25 lakh on Bank of Rajasthan for violating norms related to acquisition of immovable properties, among others. "The penalty is levied for violation of the RBI's directions... In the area of acquisition of immovable properties, deletion of records in the bank's IT system," the RBI said. The central bank further charged it for non-adherence to know your customer/anti-money laundering guidelines in the opening and conduct of certain accounts. Other charges against are irregularities in the conduct of accounts of a corporate group, and failure to provide certain documents sought by the RBI and misrepresenting that such documents were not available, it said.
The RBI had issued a show cause notice to the bank, in response to which the bank submitted a written reply and based on which, the apex bank concluded that the violation was substantiated and warranted imposition of penalty, the release said.
The RBI had issued a show cause notice to the bank, in response to which the bank submitted a written reply and based on which, the apex bank concluded that the violation was substantiated and warranted imposition of penalty, the release said.
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