About Us     Useful Information     FAQs     Financial Education     Complaints   Important Websites  
Home >> PressReleases - Display
Note : To obtain an aligned printout please download the (156.00 kb ) version to your machine and then use respective software to print the story.
Date: 12/05/2016
RBI imposes penalty on Jalgaon District Co-operative Bank Ltd., Jalgaon, Maharashtra

The Reserve Bank of India has imposed a monetary penalty of ₹ 2.00 lakh (₹ Two Lakh only) on Jalgaon District Co-operative Bank Ltd. 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 (As Applicable to Cooperative Societies), for violation of the provisions of Section 20 A of the B.R. Act, 1949 (AACS) relating to remission of debt due to the bank by Jalgaon Starch Factory in which the then directors of the bank had interest, without obtaining prior permission from RBI.

The Reserve Bank of India had 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 reply in the matter, the Reserve Bank came to the conclusion that the violation was substantiated and warranted imposition of penalty.

Ajit Prasad
Assistant Adviser

Press Release: 2015-2016/2645

  © Reserve Bank of India. All Rights Reserved.

Best viewed in 1024x768 resolution in IE 5 and above.