Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Jamnagar Peoples Co-operative Bank Ltd., Dist: Jamnagar under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated directives on the ceiling on exposure to individual non-SLR investments and the prohibition on waiver of interest on a loan to an ex-director under Section 20A of the Act. After a show-cause notice and the bank's written reply, RBI concluded that the contraventions were substantiated and justified the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Action Type
- Monetary penalty