Reserve Bank of India seems to be continuing with penalizing cooperative banks for non adherence to RBI directives. This time the apex bank has fined Gujarat based Shri Janata Sahakari Bank.

The bank has been penalised with amount worth Rs 1 lakh.

"The RBI has imposed a monetary penalty of Rs. 1 lakh on Shri Janata Sahakari Bank Ltd, Halol, in exercise of powers vested in it 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.

Prior to levying the penalty a show cause notice was sought from the bank. The bank had replied in a written statement.

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

Out of the large number of cooperative banks fined by the apex bank this year, most of them belong to Gujarat.