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RBI penalises Jamnagar Peoples Co-operative Bank

Reserve Bank of India has imposed a monetary penalty of Rs 1 lakh on The Jamnagar Peoples Co-operative Bank Ltd

June 19, 2012 9:50 IST | India Infoline News Service
The Reserve Bank of India has imposed a monetary penalty of Rs 1 lakh on The Jamnagar Peoples Co-operative Bank Ltd, Jamnagar in exercise of the powers vested in it under the provisions of Section 47A (1) (b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS), for violation of RBI directives related to (a) ceiling on exposure to individual non SLR investments and (b) prohibition from  waiver of interest on a loan to an ex- director under the provision of section 20A of the Act.

The Reserve Bank of India issued a Show Cause Notice to the bank in response to which the bank submitted a written reply. After considering the facts of the case and the bank's replies in the matter, the Reserve Bank came to the conclusion that the violation was substantiated and warranted imposition of the penalty.

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