Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on Shree Bharat Co-operative Bank Ltd., Vadodara, under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI found that the bank had violated its directives/guidelines by not adhering to anti-money laundering requirements, particularly the reporting of cash transactions above Rs 10 lakh. After issuing a show-cause notice and considering the bank's written reply and personal submissions, RBI concluded the violations were substantiated and imposed the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat
- Order Date