NS reserve Bank of India Said on Monday that a fine of Rs 30 lakh has been imposed Janata Sahakari Bank Ltd., Pune for non-compliance with certain directions. RBI said the penalty has been imposed for non-compliance of specific instructions issued by RBI supervisory action framework (SAF) and RBI instructions on ‘Frauds in UCBs: Changes in Monitoring and Reporting Mechanism’.

Scrutiny of the Bank’s statutory inspections, inspection reports relating thereto and all related correspondence with regard to the financial position of the Bank as on March 31, 2019, revealed that the Bank had not complied with the directions on exposure. sensitive area (real estate) and classification and reporting of frauds, RBI said.

RBI, however, said the penalty is based on lack of regulatory compliance and is not intended to impinge on the validity of any transaction or agreement entered into by the bank with its customers.