Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Mehsana Nagarik Sahakari Bank Ltd., Mehsana (Gujarat) under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the bank violated its instructions relating to Anti Money Laundering (AML) guidelines. After considering the bank's written reply to the show-cause notice and the facts of the case, RBI concluded that the contravention was substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Mehsana, Gujarat
- Order Date