• IND RBI said it fined Jana Small Finance Bank Ltd INR 10mn for fails re shareholding limits.

Reason for Penalty

• Breached Banking regulation act, regarding shareholding limits of paid-up share capital.
• The bank issued compulsory convertible preference shares (CCPS) that caused certain individuals to exceed shareholding limits without prior approval, violating s 12B(1).
• The penalty reflects a deficiency in compliance with statutory provisions and does not affect the validity of the bank’s transactions or agreements with its customers.