Case Brief
The Reserve Bank of India imposed a monetary penalty on The Padra Nagar Nagarik Sahakari Bank Limited, Vadodara, Gujarat, under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI found that the bank had failed to report cash transactions above Rs 10 lakh to the Financial Intelligence Unit-India, as required under Anti Money Laundering guidelines. After issuing a show cause notice and considering the bank's written reply, RBI concluded that the violations were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat
- Order Date