RBI imposes Rs 5 lakh penalty on Janata Sahakari Bank

Mumbai, June 21(UNI) The Reserve Bank today imposed Rs 5 lakh penalty on B J Khatal Janata Sahakari Bank Ltd, Sangamner, Maharashtra, for allegedly violating RBI directives on loans and advances.

The penalty has come in the backdrop of the central bank's directive, which prohibits banks from issuing loans and advances to directors and their relatives.

The RBI imposed penalty on the Janata Sahakari Bank after issuing a show cause notice, a RBI release said.

UNI