Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1,00,000 on Shree Savli Nagrik Sahakari Bank Ltd., District Vadodara under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank had not adhered to its Anti-Money Laundering (AML) instructions/guidelines. After issuing a show-cause notice and considering the bank's written 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
- Vadodara, Gujarat
- Order Date