Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹50,000 on Jampeta Co-operative Town Bank Ltd., Jampeta, Rajamahendravaram, Andhra Pradesh. The penalty was levied under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies), after RBI concluded that the bank had violated its directives/instructions/guidelines concerning the exchange and acceptance of Specified Bank Notes (SBNs). RBI noted that it had issued a show-cause notice, considered the bank’s written reply and provided a personal hearing before deciding that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Rajamahendravaram, Andhra Pradesh