The Jamnagar Peoples Co-operative Bank Ltd

RBI imposed a penalty of Rs 1 lakh on The Jamnagar Peoples Co-operative Bank Ltd., Jamnagar. The action followed violations of directives on non-SLR investment exposure and waiver of interest to an ex-director.

The bank must absorb the penalty payment of Rs 1 lakh; the release does not announce any additional operating restriction. The action is backward-looking, based on past non-compliance, and primarily affects the bank itself rather than customers directly.

• Section 47A (1) (b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS)
• section 20A of the Act

RBI imposed a penalty of Rs 1 lakh on The Jamnagar Peoples Co-operative Bank Ltd., Jamnagar. The action followed a violation of reporting instructions for cash transactions above Rs 10 lakh.

The bank must absorb the penalty and ensure future compliance with RBI reporting requirements for cash transactions above Rs 10 lakh to FIU-IND. The action does not state any operational restriction, but it signals regulatory scrutiny over reporting controls.

• Section 47A (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS)