Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Navsarjan Industrial Co-operative Bank Ltd., Ankleshwar under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the penalty was levied because the bank had not adhered to Anti-Money Laundering (AML) guidelines. After issuing a show-cause notice and considering the bank's written reply and personal submissions, RBI concluded that the violations were substantiated and merited penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Ankleshwar
- Order Date