RBI imposes fine over Rs 50 lakh on Janalaxmi Co-operative Bank for non-compliance

The penalty on Janalaxmi Co-operative Bank has been imposed for non-compliance with directions issued by RBI. Here is all you need to know.

Reserve Bank of India (RBI) on Monday said it 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)'.