Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Uttarsands People Co-operative Bank Limited, Uttarsanda, Dist. Kheda, Gujarat. The penalty was levied under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violation of RBI guidelines on reporting cash transactions in excess of Rs 10 lakh to FIU-IND under anti-money laundering requirements. RBI issued a show-cause notice, the bank replied in writing, and RBI concluded that the violations were substantiated and that penalty was warranted.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Uttarsanda, Gujarat
- Order Date