The Viramgam Mercantile Co-operative Bank Ltd., Viramgam, Dist. Ahmedabad has been found at fault by banking regulator, Reserve Bank of India and has been fined by Rs 1 lakh.

The bank has been found at fault for violating RBI norms in filing Cash Transaction Report (CTR)/Suspicious Transaction Report (STR) to Financial Intelligence Unit-India (FIU-IND).

A show cause notice had been sought by RBI before penalizing it. The written reply given by the bank in response to the notice along with the factuals of the case ultimately led the apex bank to come to a decision to impose a fine on it.