7. How many urban cooperative banks across the country have come under the scanner of the Reserve Bank of India (RBI) on 9 March 2015 for alleged violation of anti-money laundering laws?: Over 480 cooperative banks
Explanation: UCBs are inspected annually or once in two years depending on their ratings or classification. Near about 70 percent of these urban cooperative banks are subjected to inspection every year. CEIB officials are in touch with RBI and keeping a close watch on any case of suspected money laundering via these banks. The central bank has been taking strict action like imposition of penalty and denial of branch expansion against the erring urban cooperative banks (UCBs) and therefore, has instructed the banks to block accounts of all non complying customers. The RBI has issued instructions to its regional offices to undertake scrutiny of 489 UCBs to ascertain compliance of Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) guidelines.