Tuesday, June 16, 2015

RBI imposes penalty on The Sutex Co-operative Bank Ltd., Surat (Gujarat)




The Reserve Bank of India has imposed a monetary penalty of 2.00 lakh (Rupees Two Lakh only) on The Sutex Co-operative Bank Ltd., Surat (Gujarat), for violations of the directives/guidelines of the Reserve Bank on Know Your Customer (KYC) and Anti Money Laundering (AML).

Sutex Bank’s proud journey started with its establishment on 15th May,1972.

At the prime time of opening Sutex Bank its name was The Surat Textile Traders Co-Op. Bank Ltd.

Sutex Bank has in total 15 branches and a administrative office.