Case Brief
RBI imposed a monetary penalty of ₹1.00 lakh on The Jamshedpur Urban Cooperative Bank Ltd., Jamshedpur, Jharkhand. The penalty was levied because the bank failed to adhere to specific directions issued under the Supervisory Action Framework (SAF), as revealed in the inspection report based on the bank’s financial position as on March 31, 2020. After a show-cause notice and consideration of the bank’s reply and additional submissions, RBI concluded that the non-compliance was substantiated and imposed the penalty 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 1.00 L
- Entity Type
- Co-operative bank
- Location
- Jamshedpur, Jharkhand