Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Waghodia Urban Co-operative Bank Limited, District Vadodara, under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The penalty followed RBI’s finding that the bank had violated its directives/guidelines by not adhering to Anti-Money Laundering (AML) guidelines, after considering the bank’s reply to the show-cause notice and its personal submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Gujarat
- Order Date