Finance

RBI imposes Rs 30 lakh penalty on Janata Sahakari Bank, Pune

The RBI on Monday said a penalty of Rs 30 lakh has been imposed on Janata Sahakari Bank Ltd, Pune for non-compliance with certain directions.

The penalty, the RBI said, has been imposed for non-compliance with specific directions issued by RBI under the Supervisory Action Framework (SAF) and RBI directions on ‘Frauds in UCBs: Changes in Monitoring and Reporting mechanism’.

The statutory inspection of the bank with reference to its financial position as on March 31, 2019, the Inspection Report pertaining thereto, and examination of all related correspondence revealed that the bank had not complied with the directions on exposure to sensitive sectors (real estate) and classification and reporting of frauds, the RBI said.

The RBI, however, added the penalty is based on deficiency 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



Credit – Financial matters

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button