The Reserve Bank of India has imposed a monetary penalty of Rupees one lakh only on e Sankheda Nagrik Sahakari Bank Limited, Sankheda, Dist. Vadodara.
The bank was found faulting on submission of Cash Transaction Reports (CTRs) in respect of cash transaction in excess of Rs 10.00 lakh to Financial Intelligence Unit-India (FIU-IND), as required under the Anti Money Laundering (AML) guidelines.
The Reserve Bank of India had issued a show cause notice to the bank in response to which the bank submitted a written reply.
After considering the facts of the case and the bank’s reply as also personal submissions in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of the penalty.
