The Pij People's Co-operative Bank Ltd., Pij, Dist. Kheda – Penalised
Case Brief
The Reserve Bank of India penalised The Pij People's Co-operative Bank Limited, Pij Dist. Kheda, Gujarat, under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The violation was non-reporting of cash transactions in excess of Rs 10 lakh to FIU-IND, contrary to AML requirements. RBI considered the bank's written reply and personal submissions but concluded that the contraventions were established.
RBI imposed a monetary penalty under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) after concluding that The Pij People's Co-operative Bank Limited had not reported cash transactions exceeding Rs 10 lakh to the Financial Intelligence Unit-India, in breach of anti-money laundering guidelines. The bank replied to the show-cause notice and made personal submissions, but RBI held that the violations were substantiated and warranted penalty.
Severity Assessment
The action 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 monetary penalty of Rs 1 lakh. The action does not describe any restriction on current banking operations, but it records an AML compliance lapse that may be relevant for future supervisory scrutiny.
Published as The Pij People's Co-operative Bank Limited, Pij Dist. Kheda, Gujarat
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