Case Brief
The Reserve Bank of India imposed a penalty of Rs 1 lakh on Nagrik Sahakari Bank Limited, Babra, Dist. Amreli, Gujarat, under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated its instructions on reporting cash transactions above Rs 10 lakh to FIU-IND and on granting unsecured advances beyond the prescribed limits. The bank had received a show-cause notice, submitted a written reply, and made personal submissions, but RBI concluded that the violations were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Babra, Gujarat
- Order Date