The Reserve Bank of India has imposed a monetary penalty of ₹ 50,000/- (Rupees Fifty Thousand only) on the Jampeta Co-operative Town Bank Ltd., Jampeta, Rajamahendravaram, Andhra Pradesh, in exercise of the powers vested in it under the provisions of Section 47A (1) (c) read with Section 46 (4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for 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.

Shailaja Singh
Deputy General Manager

Press Release: 2018-2019/2667