Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on The Ghoghamba Vibhag Nagrik Sahakari Bank Ltd., Ghoghamba, Dist. Panchmahal under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated instructions on persistence of irregularities from a previous inspection report and on reporting cash transactions exceeding Rs 10 lakh to FIU-IND under AML guidelines. After a show-cause process and review of the bank's reply, RBI concluded that the violations were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Ghoghamba, Gujarat