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.

 

• 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