RBI imposed Penalty on Janata Sahakari Bank Ltd

Current context: RBI has imposed a monetary penalty of Rs 1 crore on Janata Sahakari Bank Ltd., Pune by an order dated 16th October 2019.

 

• The penalty has been imposed for non-compliance with directions issued by RBI on:

1. Income Recognition and Asset Classification (IRAC) norms
2. Management of Advances and Exposure Norms and Statutory/ Other Restrictions
3. Issuance of ATM-cum Debit cards

• RBI has imposed the penalty with the power vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.

Question: 

Q.1 RBI has recently imposed Janata Sahakari Bank Ltd for non-compliance with directions on IRAC norms that stands for?
a. Income Registration and Asset Classification
b. Income Recovery and Asset Categorisation
c. Income Recognition and Asset Classification
d. Income Requirement and Asset Categorisation