The Reserve Bank of India has imposed a monetary penalty on the Jain Cooperative Bank Ltd at Darya Ganj in New Delhi.
The bank was found violating 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.
Talking to Indian Cooperative Pawan Jain, Chairman of the Bank accused the Administrator of being hand in glove with opponents of the elected leaders. But the Administrator said that it is price present management is paying for the mistakes of the past.