Sulaimani Co-operative Bank Limited, Vadodara, Dist. Vadodara – Penalised

Case Brief

The Reserve Bank of India imposed a monetary penalty on Sulaimani Co-operative Bank Limited, Vadodara, Dist. Vadodara under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank had not adhered to operational instructions specifically issued to it, including ceiling limits on inter-bank deposits, inspection compliance requirements, and anti-money laundering guidelines. After issuing a show-cause notice and considering the bank's written reply, RBI concluded that the violations were substantiated and deserved a penalty of Rs 1 lakh.