The Reserve Bank of India has imposed a monetary penalty on Shri Janata Sahakari Bank Limited, Halol, Dist. Panchmahal.
RBI imposed fine in exercise of powers vested in it under the provisions of the Banking Regulation Act, 1949 for not reporting cash transactions in excess of ` 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.