The Reserve Bank of India has imposed a monetary penalty on Jagruti Co-operative Urban Bank based in Hyderabad, Telangana, in exercise of the powers vested in it.
The UCB was punished for violation of Reserve Bank of India instructions/guidelines on Board of Directors – UCBs.
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, the bank’s reply in the matter and personal hearing, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty.