Amreli Nagarik Sahkari Bank Ltd., Amreli – Penalised
Case Brief
The Reserve Bank of India has imposed a monetary penalty of Rs 1.00 lakh on Amreli Nagarik Sahkari Bank Ltd., Amreli under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The penalty was for violation of Section 5(ccv) of the Act and RBI instructions on anti-money laundering guidelines. RBI had issued a show-cause notice, considered the bank's reply, and concluded that the violations were substantiated.
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Amreli Nagarik Sahkari Bank Ltd., Amreli under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The violations found to be substantiated related to Section 5(ccv) of the Act and non-compliance with RBI instructions on anti-money laundering (AML) guidelines. The bank had submitted a written reply to a show-cause notice, but RBI concluded the contraventions warranted penalty.
Severity Assessment
This is a monetary penalty of Rs 1 lakh, which falls in the lowest monetary band and has no broader operational restriction.
The bank must bear the penalty payment and any internal compliance remediation needed for AML and regulatory compliance. The action does not state any additional operating restriction or deadline affecting depositors or customers.
Published as Amreli Nagarik Sahkari Bank Ltd., Amreli
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