Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Janata Sahakari Bank Limited, Gondia, Maharashtra, after finding non-compliance with RBI directions applicable to urban cooperative banks. The violations related to directions on Board of Directors, Exposure Norms, and Statutory/Other Restrictions, based on an inspection as of March 31, 2019. RBI issued a show-cause notice, considered the bank's replies and oral submissions, and concluded the charges were substantiated under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Gondia, Maharashtra
- Order Date