Case Brief
The Reserve Bank of India penalised The Pij People's Co-operative Bank Limited, Pij Dist. Kheda, Gujarat, under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The violation was non-reporting of cash transactions in excess of Rs 10 lakh to FIU-IND, contrary to AML requirements. RBI considered the bank's written reply and personal submissions but concluded that the contraventions were established.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Pij, Gujarat
- Order Date