Reserve Bank of India on Tuesday imposed a penalty of Rs 1 Crore on Pune-based Janata Sahakari Bank Ltd for noncompliance with directions issued by it. The apex bank imposed the penalty on the Income Recognition & Asset Classification (IRAC) norms, management of advances and exposure norms and statutory or other restrictions.
Apart from this, RBI informed that it took the action which is based on deficiencies in regulatory compliance. Also, it stated this penalty is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Among the other announcements, RBI imposed a penalty of Rs 25 Lakhs on Jalgaon Peoples Co-operative Bank Ltd. in Jalgaon.
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