Case Brief
RBI imposed a monetary penalty on Janata Urban Co-operative Bank Limited, Wai, Maharashtra by order dated September 15, 2023. The penalty was for non-compliance with RBI directions on Frauds Monitoring and Reporting Mechanism, specifically that the bank reported cases of fraud with delay. RBI said the action was based on deficiencies in regulatory compliance and was not intended to pronounce on the validity of any customer transaction or agreement.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Wai, Maharashtra
- Order Date