Case Brief
The Reserve Bank of India imposed a monetary penalty on Pragati Sahakari Bank Limited, Vadodara, under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The penalty was for violations of RBI directives/instructions/guidelines relating to share linking norms, single borrower exposure ceiling, and anti-money laundering guidelines, including the failure to report cash transactions above Rs 10 lakh to FIU-IND, New Delhi. RBI issued a show-cause notice, received the bank's written reply, and after examining the matter concluded that the violations were substantiated and deserving of penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat