RBI imposes monetary penalty on The Jambusar People’s Co-operative Bank Ltd., Dist. Bharuch, Gujarat
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹10,000 on The Jambusar People’s Co-operative Bank Ltd., Bharuch, Gujarat, for non-compliance with RBI directions on membership of Credit Information Companies by co-operative banks. Following a statutory inspection and a show-cause process, RBI concluded that the bank had failed to submit data to any of the CICs. The penalty was imposed under section 25 of the Credit Information Companies (Regulation) Act, 2005.
RBI imposed a monetary penalty under section 25 of the Credit Information Companies (Regulation) Act, 2005 after supervisory inspection found non-compliance with RBI directions on ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’. The sustained charge was that the bank failed to submit data to any of the CICs.
Severity Assessment
This is a monetary penalty of ₹10,000, which falls in the lowest monetary band (severity 1), with no additional structural restriction.
The bank must bear the monetary penalty and remain compliant with RBI’s CIC-related reporting requirements going forward. The action does not by itself invalidate customer transactions, but it signals supervisory scrutiny and may expose the bank to further RBI action if non-compliance continues.
Published as The Jambusar People’s Co-operative Bank Ltd.
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