Case Brief
The Reserve Bank of India imposed a monetary penalty on Jagruti Co-operative Urban Bank Ltd., Hyderabad, Telangana, under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty was levied for violation of RBI instructions/guidelines on Board of Directors for urban co-operative banks. RBI said it had issued a show-cause notice, considered the bank’s written reply and personal hearing, and concluded that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 25,000
- Entity Type
- Co-operative bank
- Location
- Hyderabad, Telangana
- Order Date