Case Brief
The Reserve Bank of India has imposed a monetary penalty of Rs 1.00 lakh on Amreli Nagarik Sahkari Bank Ltd., Amreli under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The penalty was for violation of Section 5(ccv) of the Act and RBI instructions on anti-money laundering guidelines. RBI had issued a show-cause notice, considered the bank's reply, and concluded that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Amreli, Gujarat
- Order Date