Published 1 month ago

RBI Imposes Rs 59.90 Lakh Penalty On Nashik's Janalaxmi Cooperative Bank

Summary by Ground News

The Reserve Bank on Tuesday said it has imposed a penalty of Rs 59.90 lakh on Nashik-based Janalaxmi Cooperative Bank for non-compliance with regulations. The bank was served with a show cause notice, after which the penalty was imposed in exercise of powers under the sections of the Banking Regulation Act.

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RBI Imposes Rs 59.90 Lakh Penalty On Nashik's Janalaxmi Cooperative Bank

The Reserve Bank on Tuesday said it has imposed a penalty of Rs 59.90 lakh on Nashik-based Janalaxmi Cooperative Bank for non-compliance with regulations.The Reserve Bank found out that the bank had failed to constitute a board of management within the extended timeline granted by RBI, sanctioned credit facilities to its nominal members in excess of the prescribed limit, and, opened/renewed term deposits at interest rates higher than those offer…

1 month ago

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RBI Imposes Rs 59.90 Lakh Penalty On Nashik's Janalaxmi Cooperative Bank

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RBI Imposes Rs 59.90 Lakh Penalty On Nashik's Janalaxmi Cooperative Bank

RBI Imposes Rs 59.90 Lakh Penalty On Nashik's Janalaxmi Cooperative Bank

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