Reserve Bank Of India Imposed A Fine Of 50 Lakhs On Jalgaon Peoples Co-operative Bank | NewsBust Reserve Bank Of India Imposed A Fine Of 50 Lakhs On Jalgaon Peoples Co-operative Bank | NewsBust

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Reserve Bank Of India Imposed A Fine Of 50 Lakhs On Jalgaon Peoples Co-operative Bank

By Shivani Kapoor - September 26, 2022

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Mumbai:

The Reserve Bank of India (RBI) has imposed a fine of Rs 50 lakh on Jalgaon People’s Co-operative Bank for non-compliance of norms. The RBI had inspected the bank of Maharashtra based on the financial position as on March 31, 2020.

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The co-operative bank had not classified certain accounts as non-performing assets (NPA) as per norms and imposed penal charges for not maintaining minimum balance in savings bank accounts without informing customers.

In another statement, RBI said that the Andaman and Nicobar State Co-operative Bank Ltd. has been fined Rs 5 lakh for violation of norms. According to the central bank, the Andaman and Nicobar State Co-operative Bank has sanctioned unsecured loans to its directors. That’s why action has been taken on that.

The central bank has also fined nine other co-operative banks for violating certain norms. RBI said that this action is based on deficiencies in regulatory compliance and is not intended to question the validity of any transaction or agreement entered into by the bank with its customers.

Shivani Kapoor

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