The Reserve Bank of India has levied the Godhara branch of The Janata Co-op Bank Ltd in Panchmahal District with Rs one lac. The bank was charged in violation of the norms laid by Reserve Bank of India on persistence of irregularities of previous inspection report and requirement of reporting of cash transactions in excess of 10.00 lakh to FIU-IND, as required under AML guidelines.
The Central Bank issued a show cause notice to the bank to which the bank gave a written reply. RBI then discussed the case and levied the bank with a penalty of Rs one lac.
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