The Reserve Bank has imposed penalty of Rs 1 lakh each on two Gujarat-based cooperative sector lenders for violation of various rules, including anti-money laundering guidelines. The two banks are — the Surat-headquartered Rander People’s Co-operative Bank and Vadodara-based Shree Mahalaxmi Mercantile Co-operative Bank, the apex bank said yesterday.
“The RBI has imposed a monetary penalty of Rs 1 lakh on the Rander People’s Co-operative Bank… for certain violation of RBI instructions by non-adherence to Anti-Money Laundering guidelines in regard to submission of reports of cash transactions above Rs 10.00 lakh to Financial Intelligence Unit-India…,” it said.
The central bank added that in case of Shree Mahalaxmi Mercantile Co-operative Bank, the penalty has been imposed for violation of operational instructions by sanctioning fresh loans and advances.
