Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Jamnagar Mahila Sahakari Bank Ltd., Jamnagar under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The penalty followed a show-cause process, and RBI held that the bank had violated its Anti-Money Laundering (AML) instructions. After considering the bank's written reply and the facts of the case, RBI concluded that the violations were substantiated and merited the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Jamnagar, Gujarat
- Order Date