Money & Banking

RBI fines two Gujarat banks for regulatory violations

PTI Mumbai | Updated on February 04, 2011

The Reserve Bank on Friday imposed a penalty of Rs 1 lakh each on two Gujarat-based banks for irregularities in reporting of cash transactions.

The RBI said the two banks - Ghoghamba Vibhag Nagrik Sahakari Bank and Janata Co-operative Bank - had violated the guidelines for reporting of cash transactions of over Rs 10 lakh.

“The Reserve Bank of India has imposed a monetary penalty of Rs 1 lakh... for violation of Reserve Bank of India instructions... and requirement of reporting of cash transactions in excess of Rs 10 lakh to FIU-IND,” the RBI said.

After considering the facts of the case and the banks’ reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty, the central bank added.

Published on February 04, 2011

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