Case Brief
The Reserve Bank of India imposed a monetary penalty on The Sankheda Nagrik Sahakari Bank Limited, Sankheda, Dist. Vadodara, under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI found that the bank had not submitted Cash Transaction Reports for cash transactions in excess of Rs 10 lakh to FIU-IND as required under AML guidelines. After issuing a show cause notice and considering the bank's reply and personal submissions, RBI concluded that the violations were substantiated and imposed a penalty of Rs 1 lakh.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Sankheda, Gujarat
- Order Date