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The Reserve Bank of India (RBl) has imposed, by an order dated January 20, 2022, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) each on two co-operative banks - the Jodhpur Nagrik Sahakari Bank Ltd., Jodhpur and the Jammu Central Co-operative Bank Ltd., Jammu for the contravention of its norms.
The Jodhpur Nagrik Sahakari Bank Ltd., Jodhpur has been imposed a penalty for non-compliance with certain directions issued by RBI contained in the Master Circular DCBR.CO.BPD. (PCB) MC No.13/13.05.000/2015-16 dated July 01, 2015 on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.
Whereas a monetary penalty of ₹1.00 lakh was imposed on The Jammu Central Co-operative Bank Ltd., Jammu (the bank) for contravention of provisions of Section 6 and Section 9 read with Section 56 of the Banking Regulation Act, 1949. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949.
This action was based on deficiencies in regulatory compliance and was not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
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