Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on Shree Bharat Co-operative Bank Ltd., Vadodara, under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI found that the bank had violated its directives/guidelines by not adhering to anti-money laundering requirements, particularly the reporting of cash transactions above Rs 10 lakh. After issuing a show-cause notice and considering the bank's written reply and personal submissions, RBI concluded the violations were substantiated and imposed the penalty.