Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹25 lakh on Jalgaon Peoples Co-operative Bank Ltd., Jalgaon, Maharashtra, by order dated October 24, 2019. RBI said the bank failed to comply with directions on Income Recognition and Asset Classification (IRAC) norms and Management of Advances, based on deficiencies found during a statutory inspection with reference to the bank’s financial position as on March 31, 2018. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 25.0 L
- Entity Type
- Co-operative bank
- Location
- Jalgaon, Maharashtra
- Order Date