RBI Bars Mastercard From Onboarding New Customers In India

The RBI on Monday mentioned a penalty of Rs 30 lakh has been imposed on Janata Sahakari Bank Ltd, Pune for non-compliance with sure instructions.

The penalty, the RBI mentioned, has been imposed for non-compliance with particular instructions issued by RBI beneath the Supervisory Action Framework (SAF) and RBI instructions on ”Frauds in UCBs: Changes in Monitoring and Reporting mechanism”.

The statutory inspection of the financial institution with regards to its monetary place as on March 31, 2019, the Inspection Report pertaining thereto, and examination of all associated correspondence revealed that the financial institution had not complied with the instructions on publicity to delicate sectors (actual property) and classification and reporting of frauds, the RBI mentioned.

The RBI, nevertheless, added the penalty relies on deficiency in regulatory compliance and isn’t supposed to pronounce upon the validity of any transaction or settlement entered into by the financial institution with its prospects. 


Leave a Reply

Your email address will not be published. Required fields are marked *