Reserve Bank of India has imposed a penalty of Rs 50.35 lakh on Janalaxmi Co-operative Bank, Nashik for non-compliance with certain regulatory requirements. The penalty on Janalaxmi Co-operative Bank has been imposed for non-compliance with directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks’ and ‘Membership of Credit Information Companies (CICs)’.
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A statutory inspection conducted by RBI with reference to the bank’s financial position as on March 31, 2019, and the inspection report pertaining thereto, and examination of all related correspondence revealed non-compliance with the directions.
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