Reserve Bank of India has imposed a monetary penalty of INR5,00,000/- on The Industrial Co-operative Bank Ltd., Guwahati.
The Bank is situated in Pan Bazaar, Guwahati.
Pan Bazaar in Guwahati, is an important part of the city centre on the southern bank of the river Brahmaputra.
The District Court (Kamrup) is major landmark of this area. The area also includes many libraries, major government offices and a shopping district. Restaurants and bookshops in the area provide a unique environment.
It is also a major wholesale market for drugs and pharmaceutical products and a hub for printing and publication. Kachari Ghat, next to the district court is an important local river port.
Place of interest: -- Pan Bazaar is known as one of the cultural and educational hotspots of Gauhati. Area is house for many historic buildings like of Kamarupa Anusandhan Samiti, Assam State Museum and District Library. The Nehru Park and Sukreshwar Temple are other major tourist magnets of this area.
Pan Bazaar has plenty of restaurants serving mouth-watering cuisine.
The monetary penalty was for violation of the provisions of para 4 (i) of circular dated September 18, 2002 on Guidelines on Know Your Customers Norms and Cash Transactions read with para 1.7 of the Annex to circular dated September 21, 1993 and para 6 of circular dated March 21, 2006 on ‘Prevention of Money Laundering Act, 2002-Obligation of Banks in terms of rules notified thereunder-UCBs’.