Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1,00,000 on The Unava Nagarik Sahakari Bank Ltd., Unava, District Mehsana, Gujarat. The penalty was levied under Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS) for violation of RBI instructions due to non-adherence to Anti Money Laundering (AML) guidelines. RBI had issued a show cause notice, received the bank's written reply and personal submission, and concluded that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Unava, Gujarat
- Order Date