Bank penalised for not reporting cash transactions in excess of Rs. 10 lacs

Shri Janata Sahakari Bank Limited, Halol, Dist. Panchmahal Penalised

The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on Shri Janata Sahakari Bank Limited, Halol, Dist. Panchmahal, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) 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.

Ajit Prasad
Assistant General Manager

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