Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on The Dahod Urban Co-operative Bank Ltd., Dist. Dahod, under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank had not reported, or had wrongly submitted, Cash Transaction Reports for cash transactions exceeding Rs 10 lakh to FIU-IND, contrary to AML guidelines. After considering the bank's written reply and personal submissions, RBI concluded that the violation was substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Dahod, Gujarat
- Order Date