Banking and monetary regulator Reserve Bank of India has yet again penalized a Gujarat based cooperative bank on grounds of non adherence to its directives.

The fined lender is named Mansa Nagarik Sahakari Bank Ltd (MNSBL). The apex bank issued the penalty on the bank on charges of violation of anti money laundering guidelines.

The bank has been fined by an amount of Rs 1 lakh.

Before issuing the penalty a show cause notice was demanded by RBI from the lender in response to which a written reply was given by MNSBL.

"After considering the facts of case and the bank's reply, as also personal submissions in the matter, the Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of the penalty," an official statement said.