The Reserve Bank of India has imposed a monetary penalty of `2 lakh (` Two lakh ) on the Jain Cooperative Bank Ltd, 80 Darya Ganj, New Delhi -110002 in exercise of powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949( As Applicable to co-operative Societies ) for violations on inter-bank exposure limit, exposure to real estate sector, non-adherence to KYC guidelines, non-adherence to the Do’s and Don’ts prescribed for Board of Directors, loans to Directors and their relatives, non- submission of compliance to previous RBI reports etc.
The Reserve Bank of India penalized the bank after issuing a show cause notice and examining its written reply.
Ajit Prasad
Assistant General Manager
Press Release : 2012-2013/2012 |
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