Janata Seva Coop Bank fined Rs 5 lakh

BANGALORE: The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 lakh on Janata Seva Cooperative Bank Limited, Bangalore, under sections relevant to Anti- Money ‘Laundering Guidelines’ violations.The RBI informed that it issued a show-cause notice to the bank, in response to which the bank is said to have submitted its side of the case.But after the hearing and other procedures, the RBI imposed a penalty of Rs 5 lakh on the Janata Seva Co-operative bank.