Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Mansa Nagarik Sahakari Bank Ltd., Mansa, Dist. Gandhinagar, under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The penalty was imposed for violation of RBI instructions on submission of Cash Transaction Reports (CTRs) in respect of cash transactions above Rs 10 lakh to FIU-IND under the AML guidelines. RBI said it had issued a show cause notice, considered the bank's reply and personal submissions, and found the violation substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Mansa, Gandhinagar
- Order Date