The Reserve Bank of India has imposed a monetary penalty Rupees One Lakh on the Pij People’s Co-operative Bank based in Kheda (Gujarat).
The UCB was found violating RBI’s norms pertaining to risk categorization of accounts and non-reporting of Cash Transaction Reports (CTRs) to Financial Intelligence Unit-India (FIU-IND), New Delhi.
The Reserve Bank of India had issued a Show Cause Notice to the bank in response to which the bank submitted a written reply.
After considering the facts of the case, the bank’s reply and also personal submissions in the matter, RBI came to the conclusion that the violation was substantiated and warranted imposition of penalty.