The Reserve Bank of India (RBI) has, by an order dated April 17, 2025, imposed a monetary penalty of ₹63.60 lakh (Rupees Sixty three lakh sixty thousand only) on Indian Overseas Bank (the bank) for non-compliance with certain directions issued by RBI on ‘Credit Flow to Agriculture- Collateral free agricultural loans’ and ‘Lending to Micro, Small & Medium Enterprises (MSME) Sector’. 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 51(1) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated April 08, 2025, imposed a monetary penalty of ₹1,61,40,000 (Rupees One crore sixty one lakh forty thousand only) on Indian Bank (the bank) for contravention of provisions of Section 26A of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘Interest Rate on Advances’, ‘Kisan Credit Card (KCC) Scheme’ and ‘Lending to Micro, Small and Medium Enterprises (MSME) Sector’. 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 51(1) of the BR Act.

The Reserve Bank of India (RBI) has, by an order dated April 4, 2025, imposed a monetary penalty of ₹29.60 lakh (Rupees Twenty Nine Lakh Sixty Thousand only) on Punjab National Bank (the bank) for non-compliance with certain directions issued by RBI on ‘Customer Service in Banks’. 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 51(1) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated April 3, 2025, imposed a monetary penalty of ₹38.60 lakh (Rupees Thirty Eight Lakh Sixty Thousand only) on IDFC First Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘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 Section 46(4)(i) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated April 11, 2025, imposed a monetary penalty of ₹61.40 lakh (Rupees Sixty One Lakh Forty Thousand only) on Kotak Mahindra Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Guidelines on Loan System for Delivery of Bank Credit’ and ‘Loans and Advances – Statutory and Other Restrictions’

The Reserve Bank of India has imposed a monetary penalty of Rs. 3,20,000/- (Rupees Three Lakhs Twenty Thousand only) on Citibank N.A. in exercise of powers vested in the Reserve Bank under the provisions of Section 11(3) of FEMA, 1999, for not undertaking due diligence while processing the inward remittances from a Foreign Currency Account opened by a constituent, resulting in contravention of Section 10 (4) of FEMA, 1999.

The Reserve Bank of India (RBl) has, by an order dated April 03, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Shri Ganesh Sahakari Bank Limited, Nashik, Maharashtra (the bank) for contravention of the provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘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 BR Act.

The Reserve Bank of India (RBI) has, by an order dated March 28, 2025, imposed a monetary penalty of ₹36.40 lakh (Rupees Thirty Six Lakh and Forty Thousand only) on Aryavart Bank, Lucknow (the bank) for contravention of provisions of Section 26A read with Section 51(1) of of the Banking Regulation Act, 1949 (BR Act). 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 51(1) of the BR Act.

The Reserve Bank of India (RBI) has, by an order dated March 26, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Kodungallur Town Co-operative Bank Ltd., Kerala (the bank) for non-compliance with certain directions issued by RBI on ‘Management of Advances – UCBs’, ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs’ and ‘Interest Rate on Deposits’. 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 March 26, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Karnataka Gramin Bank, Karnataka (the bank) for non-compliance with certain directions issued by RBI on ‘Strengthening of Prudential Norms- Provisioning Asset Classification and Exposure Limit, 2001’ read with ‘Income Recognition, Asset Classification and Provisioning Norms-Guidelines, 1996’. 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 51(1) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated March 26, 2025, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Savery Transport Finance Ltd., Chennai, Tamil Nadu (the company) for non-compliance with certain provisions of the ‘Master Direction- Reserve Bank of India (Non- Banking Financial Company-Scale Based Regulation) Directions, 2023’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 58 G(1)(b) read with Section 58B(5)(aa) of the Reserve Bank of India Act, 1934. The correspondence related to charging higher interest rate than the annualised interest rate mentioned in the loan agreement revealed, inter alia, non-compliance with the RBI directions. Based on the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia that the following charges against the company were sustained, warranting imposition of monetary penalty: The company had:

The Reserve Bank of India (RBI) has, by an order dated March 26, 2025, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The South Canara District Central Co-operative Bank Ltd., Karnataka (the bank) for contravention of provisions of Section 20 read with Section 56 of the Banking Regulation Act, 1949 (BR Act). 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 BR Act. The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. Based on supervisory findings of contravention of statutory provisions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why pen

The Reserve Bank of India (RBI) has, by an order dated March 27, 2025, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Purvaja Fincap Pvt. Ltd., Tamil Nadu (the company) for non-compliance with certain provisions of

The Reserve Bank of India (RBI) has, by an order dated March 26, 2025, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Habitat Micro Build India Housing Finance Company Private Ltd., Karnataka (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 52A of the National Housing Bank Act, 1987. 

The Reserve Bank of India (RBI) has, by an order dated March 26, 2025, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Vellore Co-operative Town Bank Ltd., Tamil Nadu (the bank) for non-compliance with certain directions issued by RBI under ‘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 March 27, 2025, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on Porbandar Commercial Co-operative Bank Limited, Dist. Porbandar, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘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 March 27, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Santrampur Urban Co-operative Bank Ltd., Santrampur, Mahisagar District, Gujarat (the bank) for non-compl

The Reserve Bank of India (RBI) has, by an order dated March 24, 2025, imposed a monetary penalty of ₹52.70 lakh (Rupees Fifty Two Lakh Seventy Thousand only) on Phoenix ARC Private Limited (the company) for non-compliance with directions on ‘Settlement of dues payable by the borrower’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under Section 12 read with sub-section (1) of Section 30A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related

The Reserve Bank of India (RBI) has, by an order dated March 26, 2025, imposed a monetary penalty of ₹3.20 lakh (Rupees Three Lakh Twenty Thousand only) on Mahindra Rural Housing Finance Limited (the company) for non-compliance with certain provisions of the

The Reserve Bank of India (RBI) has, by an order dated March 27, 2025, imposed a monetary penalty of ₹15.00 lakh (Rupees Fifteen Lakh only) on The Citizens Urban Cooperative Bank Ltd., Jalandhar (the bank) for non-compliance with specific directions issued by RBI under ‘Supervisory Action Framework (SAF)’. 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 March 27, 2025, imposed a monetary penalty of ₹25.00 lakh (Rupees Twenty Five Lakh only) on The Kangra Central Co-operative Bank Ltd., Himachal Pradesh (the bank) for non-compliance with the conditions subject to which the banking license was issued to it by RBI. 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 March 27, 2025, imposed a monetary penalty of ₹4.10 lakh (Rupees Four Lakh and Ten Thousand only) on UCA Finvest Private Limited (the company) for non-compliance with specific conditions under which the company was issued the Certificate of Registration (CoR) by RBI under section 45IA(5) of Reserve Bank of India Act, 1934 (RBI Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (a) of sub-section (1) of Section 58G read with sub-section (6) of Section 58 B of the RBI Act.