Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹30.00 lakh on Janata Sahakari Bank Ltd., Pune for non-compliance with RBI directions dated March 06, 2018 issued under the Supervisory Action Framework and RBI instructions on fraud monitoring and reporting in urban co-operative banks. RBI said the bank failed to adhere to directions on exposure to sensitive sectors, specifically real estate, and on classification and reporting of frauds. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after the bank’s reply and hearing were considered.
Action Snapshot
- Primary Impact
- Fine: Rs 30.0 L
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra