The Reserve Bank of India (RBI) has penalised Shri Janata Sahakari Bank Limited, Halol in Panchmahal district in Gujarat with a monetary fine of Rs 1 lakh for failing to meet RBI guidelines with regard to Anti Money Laundering (AML) guidelines.
The apex bank stated, "The bank has imposed a monetary penalty of Rs one lakh on Shri Janata Sahakari Bank Limited, Halol, district Panchmahal,”"After considering the facts of the case and the bank's reply as also personal submissions in the matter, the RBI concluded that the violations were substantiated and warranted imposition of the penalty," the statement said.