Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on The Janata Co-op. Bank Ltd., Godhra, Dist. Panchmahal under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated instructions on persistence of irregularities mentioned in a previous inspection report and on reporting cash transactions above Rs 10 lakh to FIU-IND, as required under AML guidelines. After a show-cause notice and the bank's written reply, RBI held that the contraventions were substantiated and deserved penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Godhra, Gujarat
- Order Date