Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs. 5.00 lakh on Shri Vinayak Sahakari Bank Ltd., Ahmedabad under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated instructions and directions relating to operational instructions, destruction of records of banking transactions, non-production of books of account before the Inspecting Officer, and non-filing of STRs. After issuing a show-cause notice, considering the bank’s written reply and personal submissions, RBI concluded that the violations were substantiated and warranted penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Ahmedabad, Gujarat