Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹6,00,000 on Jowai Cooperative Urban Bank Limited, Jowai, Meghalaya, by order dated June 9, 2023. RBI found that the bank had contravened directions applicable to urban cooperative banks relating to exposure norms and KYC requirements, including breaches of inter-bank gross exposure limits and failure to conduct periodic review of the risk categorisation of accounts. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.