Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 2.00 lakh on The Salal Sarvoday Nagrik Sahakari Bank Limited, Salal, Dist. Sabarkantha, Gujarat, under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The bank was found to have violated RBI instructions on submitting reports of cash transactions above Rs 10 lakh to FIU-IND under anti-money laundering guidelines. RBI said it had issued a show-cause notice, received the bank's written reply and personal submissions, and concluded that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Salal, Gujarat
- Order Date