Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Jamnagar Peoples Co-operative Bank Ltd., Jamnagar under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The penalty was for non-compliance with RBI instructions on reporting cash transactions above Rs 10 lakh to FIU-IND, New Delhi. RBI issued a show-cause notice, reviewed the bank's written reply and personal submissions, and found the violation substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Jamnagar, Gujarat
- Order Date