The Reserve Bank of India has imposed a penalty of Rs 1 lakh on Bhabhar Vibhag Nagrik Sahakari Bank Ltd (BVNSBL) in Gujarat for not complying with the guidelines on reporting financial transactions of over Rs 10 lakh.

“The RBI has imposed a penalty of Rs 1 lakh on the Bhabhar Vibhag Nagrik Sahakari Bank Limited, of district Banaskantha,” an official statement said yesterday.

The bank had failed to follow RBI’s instructions on maintenance of records of cash transactions of over Rs 10 lakh, and reporting them to Financial Intelligence Unit-India.

BVNSBL had earlier been served a show-cause notice by the apex bank. After it submitted a reply, the penalty was imposed, an RBI official said.

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