Mumbai (ABC Live): The Reserve Bank of India has imposed a monetary penalty of one lakh Rupees on The Rander People's Co-operative Bank Limited, Rander and Shree Mahalaxmi Mercantile Co-operative Bank Limited, Dabhoi of Gujarat for certain violation of Reserve Bank of India instructions by non-adherence to Anti Money Laundering (AML) guidelines in regard to submission of reports of cash transactions above ` 10.00 lakh to Financial Intelligence Unit-India (FIU-IND), New Delhi. Information to this effect was made by Ajit Prasad, Assistant General Manager through press releases 2010-2011/1473 and 2010-2011/1472. 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 and the bank's reply and also personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty.
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