Case Brief
What Happened
RBI imposed a monetary penalty on Jalna People’s Co-operative Bank Limited, Jalna, Maharashtra by order dated August 13, 2021. The bank was found to have contravened / not complied with RBI directions issued to Urban Co-operative Banks on Board of Directors and Exposure Norms & Statutory / Other Restrictions. RBI said the penalty was based on deficiencies in regulatory compliance and was imposed after considering the bank’s reply, oral submissions, and additional submissions.