Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5 lakh on The Gondal Nagrik Sahakari Bank Ltd., Gondal under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI found that the bank had granted loans to directors, incorrectly reported loans to directors in statutory returns on advances to directors, and failed to submit Cash Transaction Reports (CTRs) to FIU-IND. After considering the bank’s reply and personal submissions, RBI held that the contraventions were established and merited the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Gondal, Gujarat
- Order Date