Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Gandevi People's Co-operative Bank Limited, Navsari under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank had not adhered to instructions/directives on reporting cash transactions above Rs 10 lakh, as required under Anti Money Laundering guidelines. After considering the bank's reply to the show-cause notice and its personal submissions, RBI concluded that the violations were substantiated and merited the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Navsari, Gujarat
- Order Date