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Current Affairs

RBI imposed monetary Penalty on Andhra Bank

Current context: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 25 lakh on Andhra Bank by an order dated 5th December 2019.
RBI imposed monetary Penalty on Andhra Bank 
  • The penalty has been imposed for non-compliance with certain provisions of directions issued by RBI on:
    1. Know Your Customer (KYC) Norms
    2. Anti-Money Laundering (AML) Standards
    3. Opening of Current Accounts.
  • Under the provisions of section 47 A (1) (c) read with section 46 (4) (i) and section 51 (1) of the Banking Regulation Act, 1949 RBI has been vested powers to impose the penalty.
  • Deficiencies in regulatory compliance of the bank were found in an examination of current accounts opened by two entities in Andhra Bank.
  • RBI came to the conclusion of imposing a monetary penalty after considering the reply from the bank and personal hearing as to why penalty should not be imposed for non-compliance with the directions.
  • Andhra Bank Founder: Bhogaraju Pattabhi Sitaramayya
  • Founded: 20 November 1923, Machilipatnam
  • Tagline: Where India Banks
  • Headquarter: Hyderabad

Question: 

Q.1 The Headquarter of Andhra Bank is in?
a. Vishakhapatnam
b. Nellore
c. Hyderabad
d. Vijaywada
RBI imposed monetary Penalty on Andhra Bank RBI imposed monetary Penalty on Andhra Bank Reviewed by Neha Verma on December 07, 2019 Rating: 5

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