New Delhi: The Reserve Bank of India on Tuesday imposed a monetary penalty of Rs 1 crore on Janata Sahakari Bank Ltd, Pune, for noncompliance with directions issued by it on Income Recognition and Asset Classification (IRAC) norms, management of advances and exposure norms and statutory/other restrictions.

The strict action from the central bank is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

In another development, the RBI also imposed a financial penalty of Rs 25 Lakhs on Jalgaon Peoples Co-operative Bank Ltd, Jalgaon, Maharashtra, for non-compliance with directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms and Management of Advances.

The central bank took the action based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

The development comes a day after the central bank imposed a penalty of Rs 35 lakh on Tamilnad Mercantile Bank for violating norms on fraud classification and notification. The central took the action against the bank for non-compliance with certain provisions of directions issued by the RBI on frauds classification and reporting by commercial banks and select FIs directions 2016.

Prior to this, the central bank had on October 14 also imposed a penalty of Rs 1 crore on Lakshmi Vilas Bank and Rs 75 lakh on Syndicate bank for violating asset classification and fraud detection norms.