The Reserve Bank of India has imposed monetary penalty on The Jaiprakash Narayan Nagari Sahakari Bank based in Basmatnagar, Dist Hingoli for non-compliance with directions issued by RBI on director related loans.
The penalty has been imposed in exercise of powers vested in RBI for failure of the bank to adhere to the aforesaid directions issued by RBI.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, reads a release from RBI.