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RBI imposes Rs 1 cr fine on Janata Sahakari Bank, Rs 25 lakh on Jalgaon Peoples Co-operative Bank for violating IRAC norms


RBI imposes Rs 1 cr fine on Janata Sahakari Bank, Rs 25 lakh on Jalgaon Peoples Co-operative Bank for violating IRAC norms


The Reserve Bank of India has imposed a fine of Rs 1 crore on Pune-based Janata Sahakari Bank and Rs 25 lakh on Jalgaon Peoples Co-operative Bank for violating income recognition, advances management and asset classification norms.

The penalty has been imposed in exercise of powers vested in the RBI under the provisions of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to the aforesaid directions issued by the RBI.

"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the RBI said.