Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Patdi Nagrik Sahakari Bank Ltd., Patdi, Dist. Surendranagar under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank had failed to disclose the penalty in the notes to accounts to the balance sheet as on March 31, 2011, did not adhere to operational instructions issued by RBI, and made wrong filings of Cash Transaction Reports (CTRs) with FIU-IND, New Delhi. After a show-cause notice, written reply, and personal submissions, RBI concluded the violations were substantiated and imposed the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Patdi, Gujarat