Case Brief
The Reserve Bank of India imposed a monetary penalty on The Bhabhar Vibhag Nagrik Sahakari Bank Limited, Bhabhar, Dist. Banaskantha, Gujarat, under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI found that the bank violated instructions on maintenance of records of cash transactions over Rs 10 lakh and on reporting those transactions to FIU-IND. RBI said the violations were substantiated after considering the bank's reply and oral submissions, and therefore imposed a penalty of Rs 1 lakh.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Bhabhar, Gujarat
- Order Date