Case Brief
The Reserve Bank of India imposed a monetary penalty on The Harij Nagarik Sahakari Bank Ltd., Harij, Dist. Patan (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 instructions relating to Section 20A of the B.R. Act, 1949 and anti-money laundering (AML) guidelines. After a show-cause notice, written reply, and personal hearing, RBI concluded the contravention was substantiated and imposed a penalty of Rs 1.00 lakh.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Harij, Gujarat
- Order Date