Case Brief
The Reserve Bank of India imposed a monetary penalty on The Rander People's Co-operative Bank Limited, Rander, Dist. Surat, Gujarat 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 AML guidelines, specifically in relation to submission of reports of cash transactions above Rs 10 lakh to FIU-IND. After issuing a show-cause notice and considering the bank's written reply and personal submissions, RBI concluded that the violations were substantiated and imposed a penalty of Rs 1.00 lakh.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Rander, Gujarat