The Reserve Bank of India (RBI) has, by an order dated December 16, 2024, imposed a monetary penalty of ₹20,00,000/- (Rupees Twenty Lakh only) on Manappuram Finance Limited (the company) for non-compliance with certain provisions of “Reserve Bank of India (Know Your Customer (KYC)) Direction, 2016” issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.

The Reserve Bank of India (RBI) has, by an order dated December 18, 2024, imposed a monetary penalty of 27.30 lakh (Rupees Twenty-Seven Lakh and Thirty Thousand only) on IndusInd Bank Ltd. (the bank) for non-compliance with certain provisions of ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBl) has, by an order dated December 12, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Guna Nagarik Sahakari Bank Maryadit, Guna, Madhya Pradesh (the bank), for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending (PSL) - Targets and Classification’ and specific direction issued by RBI on making contribution to the Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBl) has, by an order dated December 12, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Shri Vaibhav Lakshmi Mahila Nagrik Sahakari Bank Maryadit, Jhabua, Madhya Pradesh (the bank), for non-compliance with the  directions issued by RBI on ‘Priority Sector Lending (PSL) - Targets and Classification’ and specific direction issued by RBI on making contribution to the Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBl) has, by an order dated December 12, 2024, imposed a monetary penalty of ₹4.50 lakh (Rupees Four Lakh Fifty Thousand only) on Indore Paraspar Sahakari Bank Maryadit, Indore (MP) (the bank), for non-comp

The Reserve Bank of India (RBI) has, by an order dated December 18, 2024, imposed a monetary penalty of ₹15.00 lakh (Rupees Fifteen Lakh only) on Bharat Co-operative Bank (Mumbai) Limited (the bank), for non-compliance with the directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated December 13, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Tarapur Co-operative Urban Bank Ltd., Dist. Anand, Gujarat (the bank) for non-compliance with the certain directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated December 13, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Bhadran People’s Co-operative Bank Ltd., Dist. Anand, Gujarat (the bank) for non-compliance with the certain directions issued by RBI on ‘Interest Rate on Deposits’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated December 12, 2024, imposed a monetary penalty of ₹5.96 lakh (Rupees Five lakh ninety six thousand only) on Vaishya Sahakari Bank Ltd., Mumbai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Priority Sector Lending (PSL) - Targets and Classification’ and specific directions issued by RBI on making contribution to the Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated December 13, 2024, imposed a monetary penalty of ₹15.00 lakh (Rupees Fifteen lakh only) on SBPP Co-operative Bank Limited, Killa Pardi (Dist. Valsad) (the bank), for non-compliance with the directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.