Banking and monetary regulator Reserve Bank of India has put a fine on yet another cooperative bank for non adherence to RBI guidelines.

This time Kheda based Pij People's Cooperative Bank has been imposed with a penalty of Rs 1 lakh by the apex bank on grounds of violation of anti money laundering guidelines.

"RBI has imposed a monetary penalty of Rs 1 lakh on the Pij People's Cooperative Bank Ltd for not reporting cash transactions in excess of Rs 10 lakh to Financial Intelligence Unit-India (FIU-IND), as required under the Anti-Money Laundering guidelines," read a notification by RBI.

The apex bank had sought for a show cause notice from the bank before taking any decision.

"After considering the facts of the case and the bank's reply and also personal submissions in the matter, RBI came to the conclusion that the violations were substantiated and warranted imposition of the penalty," said RBI.