Case Brief
The Reserve Bank of India imposed a penalty on The Botad People's Co-operative Bank Limited, Botad, Dist. Bhavnagar, Gujarat under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated instructions on reporting cash transactions above Rs 10 lakh to FIU-IND, failed to comply with KYC norms, and continued irregularities noted in a previous inspection report. After issuing a show-cause notice and considering the bank's reply and submissions, RBI found the violations substantiated and imposed a monetary penalty of Rs 1 lakh.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Botad, Gujarat