The Reserve Bank of India has imposed a monetary penalty on Unava Nagarik Sahakari Bank Ltd., Mehsana, Gujarat for violation of RBI instructions.
Reserve Bank of India found fault with it for non-adherence to 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, bank’s reply and personal submission in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty.