The Reserve Bank of India has imposed a monetary penalty on the Jampeta Co-operative Town Bank Ltd., Jampeta, Rajamahendravaram, Andhra Pradesh, in exercise of the powers vested in it.
The UCB was found guilty of violation of Reserve Bank of India Directives/Instructions/Guidelines with regard to exchange / acceptance of Specified Bank Notes (SBNs).
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 a personal hearing, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty.