Friday, July 17, 2015

RBI imposes penalty on Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat)


The Reserve Bank of India has imposed a monetary penalty of INR 5.00 lakh (Rupees five lakh only) on Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat) for violation of Reserve Bank of India’s guidelines/ instructions by allowing cash withdrawal of  INR20.00 lakh after banking hours, without approval of Board of Directors and non-reporting of Suspicious Transaction report (STR) to Financial Intelligence Unit-India (FIU-IND).