Press Releases - Enforcement - RBI - Reserve Bank of India
Press Releases
Dec 23, 2021
Reserve Bank of India imposes Monetary Penalty on two Payment System Operators
The Reserve Bank of India (RBI) has imposed monetary penalty on the following two Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act). Sr. No. Name of the PSO Speaking Order dated Amount of Penalty (₹ lakh) 1 One Mobikwik Systems Private Limited December 07, 2021 100.00 2 Spice Money Limited December 07, 2021 100.00 The penalties have been imposed in exercise of p
The Reserve Bank of India (RBI) has imposed monetary penalty on the following two Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act). Sr. No. Name of the PSO Speaking Order dated Amount of Penalty (₹ lakh) 1 One Mobikwik Systems Private Limited December 07, 2021 100.00 2 Spice Money Limited December 07, 2021 100.00 The penalties have been imposed in exercise of p
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Dec 16, 2021
Reserve Bank of India imposes monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Jabalpur (M.P.)
The Reserve Bank of India (RBl) has imposed, by an order dated December 15, 2021, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Jila Sahakari Kendriya Bank Maryadit, Jabalpur (M.P.) (the bank) for contravention of/non-compliance with the provisions of the Banking Regulation Act, 1949 (the Act) and directions issued by the RBI on Know Your Customer (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A
The Reserve Bank of India (RBl) has imposed, by an order dated December 15, 2021, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Jila Sahakari Kendriya Bank Maryadit, Jabalpur (M.P.) (the bank) for contravention of/non-compliance with the provisions of the Banking Regulation Act, 1949 (the Act) and directions issued by the RBI on Know Your Customer (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A
Dec 16, 2021
Reserve Bank of India imposes monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Rajgarh (M.P.)
The Reserve Bank of India (RBl) has imposed, by an order dated December 15, 2021, a monetary penalty of ₹50,000 (Rupees Fifty thousand only) on Jila Sahakari Kendriya Bank Maryadit, Rajgarh (M.P.) (the bank) for contravention of/non-compliance with the directions issued by RBI on Know Your Customer (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Ban
The Reserve Bank of India (RBl) has imposed, by an order dated December 15, 2021, a monetary penalty of ₹50,000 (Rupees Fifty thousand only) on Jila Sahakari Kendriya Bank Maryadit, Rajgarh (M.P.) (the bank) for contravention of/non-compliance with the directions issued by RBI on Know Your Customer (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Ban
Dec 16, 2021
Reserve Bank of India imposes monetary penalty on Mahila Nagrik Sahakari Bank Maryadit, Mahasamund (C.G)
The Reserve Bank of India (RBl) has imposed, by an order dated December 15, 2021, a monetary penalty of ₹1.50 lakh (Rupees One lakh Fifty thousand only) on Mahila Nagrik Sahakari Bank Maryadit, Mahasamund, Chhattisgarh (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms & Statutory/ Other Restrictions-UCBs. This penalty has been imposed in exercise of powers vested in RBI under the pro
The Reserve Bank of India (RBl) has imposed, by an order dated December 15, 2021, a monetary penalty of ₹1.50 lakh (Rupees One lakh Fifty thousand only) on Mahila Nagrik Sahakari Bank Maryadit, Mahasamund, Chhattisgarh (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms & Statutory/ Other Restrictions-UCBs. This penalty has been imposed in exercise of powers vested in RBI under the pro
Dec 15, 2021
RBI imposes monetary penalty on Punjab National Bank
The Reserve Bank of India (RBI) has, by an order dated December 15, 2021, imposed a monetary penalty of ₹1.80 Crore (Rupees One Crore and eighty lakh only) on Punjab National Bank (the bank) for contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949 (the Act). This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1) of the Act. This action is base
The Reserve Bank of India (RBI) has, by an order dated December 15, 2021, imposed a monetary penalty of ₹1.80 Crore (Rupees One Crore and eighty lakh only) on Punjab National Bank (the bank) for contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949 (the Act). This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1) of the Act. This action is base
Dec 15, 2021
Reserve Bank of India imposes monetary penalty on ICICI Bank Ltd.
The Reserve Bank of India (RBI) has imposed, by an order dated December 13, 2021, a monetary penalty of ₹30 Lakh (Rupees Thirty Lakh only) on ICICI Bank Ltd. (the bank) for non-compliance with certain directions issued by RBI on ‘Levy of penal charges on non-maintenance of minimum balances in savings bank accounts’ dated November 20, 2014. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 4
The Reserve Bank of India (RBI) has imposed, by an order dated December 13, 2021, a monetary penalty of ₹30 Lakh (Rupees Thirty Lakh only) on ICICI Bank Ltd. (the bank) for non-compliance with certain directions issued by RBI on ‘Levy of penal charges on non-maintenance of minimum balances in savings bank accounts’ dated November 20, 2014. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 4
Dec 08, 2021
RBl imposes monetary penalty on the Urban Co-operative Bank Ltd., Anantnag
The Reserve Bank of India (RBl) has imposed, by an order dated December 08, 2021, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on the Urban Co-Operative Bank Limited, Anantnag (the bank) for contravention of section 35A read with section 56 of the Banking Regulation Act, 1949 and regulations on 'Exposure Norms and Statutory/Other Restrictions – UCBs’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1)
The Reserve Bank of India (RBl) has imposed, by an order dated December 08, 2021, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on the Urban Co-Operative Bank Limited, Anantnag (the bank) for contravention of section 35A read with section 56 of the Banking Regulation Act, 1949 and regulations on 'Exposure Norms and Statutory/Other Restrictions – UCBs’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1)
Dec 06, 2021
RBI imposes monetary penalty on Pune People’s Co-operative Bank Limited, Pune
The Reserve Bank of India (RBI) has imposed, by an order dated December 02, 2021, a monetary penalty of ₹2 lakh (Rupees Two lakh only) on Pune People’s Co-operative Bank Limited, Pune (the bank) for contravention of/non-compliance with directions issued by RBI on ‘Know Your Customers’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act,
The Reserve Bank of India (RBI) has imposed, by an order dated December 02, 2021, a monetary penalty of ₹2 lakh (Rupees Two lakh only) on Pune People’s Co-operative Bank Limited, Pune (the bank) for contravention of/non-compliance with directions issued by RBI on ‘Know Your Customers’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act,
Nov 29, 2021
RBI imposes monetary penalty on Union Bank of India
The Reserve Bank of India (RBI) has, by an order dated November 25, 2021, imposed a monetary penalty of ₹1 Crore (Rupees One Crore only) on Union Bank of India (the bank), for non-compliance with the certain provisions of directions issued by RBI contained in “Reserve Bank of India (Fraud - Classification and Reporting by commercial banks and select FIs) Directions 2016” and “Guidelines on Sale of Stressed Assets by Banks”. This penalty has been imposed in exercise of
The Reserve Bank of India (RBI) has, by an order dated November 25, 2021, imposed a monetary penalty of ₹1 Crore (Rupees One Crore only) on Union Bank of India (the bank), for non-compliance with the certain provisions of directions issued by RBI contained in “Reserve Bank of India (Fraud - Classification and Reporting by commercial banks and select FIs) Directions 2016” and “Guidelines on Sale of Stressed Assets by Banks”. This penalty has been imposed in exercise of
Nov 26, 2021
Reserve Bank of India imposes monetary penalty on State Bank of India
The Reserve Bank of India (RBI) has, by an order dated November 16, 2021, imposed a monetary penalty of ₹1.00 Crore (Rupees One Crore only) on State Bank of India (the bank) for contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949 (the Act). This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1) of the Act. This action is based on deficiencies
The Reserve Bank of India (RBI) has, by an order dated November 16, 2021, imposed a monetary penalty of ₹1.00 Crore (Rupees One Crore only) on State Bank of India (the bank) for contravention of sub-section (2) of section 19 of the Banking Regulation Act, 1949 (the Act). This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1) of the Act. This action is based on deficiencies
Nov 26, 2021
RBI imposes monetary penalty on The Rander People’s Co-operative Bank Ltd., Rander, Surat District, Gujarat
The Reserve Bank of India (RBI) has, by an order dated November 26, 2021, imposed a monetary penalty of ₹ 1.00 lakh (Rupees one lakh only) on The Rander People’s Co-operative Bank Ltd., Surat, Gujarat (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms / concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read
The Reserve Bank of India (RBI) has, by an order dated November 26, 2021, imposed a monetary penalty of ₹ 1.00 lakh (Rupees one lakh only) on The Rander People’s Co-operative Bank Ltd., Surat, Gujarat (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms / concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read
Nov 26, 2021
RBI imposes monetary penalty on The Modasa Nagarik Sahakari Bank Ltd., Modasa, Aravalli District, Gujarat
The Reserve Bank of India (RBI) has, by an order dated November 26, 2021, imposed a monetary penalty of ₹ 1.00 lakh (Rupees one lakh only) on The Modasa Nagarik Sahakari Bank Ltd., Aravalli, Gujarat (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms / concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read w
The Reserve Bank of India (RBI) has, by an order dated November 26, 2021, imposed a monetary penalty of ₹ 1.00 lakh (Rupees one lakh only) on The Modasa Nagarik Sahakari Bank Ltd., Aravalli, Gujarat (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms / concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read w
Nov 24, 2021
RBI imposes Monetary Penalty on two Payment System Operators
The Reserve Bank of India (RBI) has imposed monetary penalty on the following authorised Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26(6) of the Payment and Settlement Systems Act, 2007 (PSS Act). Sr. No. Name of the PSO Speaking Order dated Amount of Penalty (₹ lakh) 1 Tata Communications Payment Solutions Limited (TCPSL) October 21, 2021 200.00 2 Appnit Technologies Private Limited (ATPL) November 1, 2021 54.93 The p
The Reserve Bank of India (RBI) has imposed monetary penalty on the following authorised Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26(6) of the Payment and Settlement Systems Act, 2007 (PSS Act). Sr. No. Name of the PSO Speaking Order dated Amount of Penalty (₹ lakh) 1 Tata Communications Payment Solutions Limited (TCPSL) October 21, 2021 200.00 2 Appnit Technologies Private Limited (ATPL) November 1, 2021 54.93 The p
Nov 24, 2021
RBI imposes monetary penalty on Mulamoottil Financiers Limited, Kozhencherry, Pathanamthitta District, Kerala
The Reserve Bank of India (RBI) has, by an order dated November 24, 2021, imposed a monetary penalty of ₹20 lakh (Rupees twenty lakh only) on Mulamoottil Financiers Limited, Kozhencherry, Pathanamthitta District, Kerala (the company) for non-adherence with certain provisions of the directions issued by the RBI on classification of Non-performing Assets contained in “Master Direction - Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Compan
The Reserve Bank of India (RBI) has, by an order dated November 24, 2021, imposed a monetary penalty of ₹20 lakh (Rupees twenty lakh only) on Mulamoottil Financiers Limited, Kozhencherry, Pathanamthitta District, Kerala (the company) for non-adherence with certain provisions of the directions issued by the RBI on classification of Non-performing Assets contained in “Master Direction - Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Compan
Nov 17, 2021
Reserve Bank of India imposes monetary penalty on Shri Kanyaka Nagari Sahakari Bank Limited, Chandrapur, Maharashtra
The Reserve Bank of India (RBl) has imposed, by an order dated November 17, 2021, a monetary penalty of ₹10.50 lakh (Rupees Ten lakh Fifty Thousand only) on Shri Kanyaka Nagari Sahakari Bank Limited, Chandrapur (the bank) for contravention of/ non-compliance with Supervisory Action Framework issued by RBI under section 36 (1) read with section 56 of the Banking Regulation Act, 1949 (the Act), directions issued by the RBI to Urban Co-operative Banks on opening of On-si
The Reserve Bank of India (RBl) has imposed, by an order dated November 17, 2021, a monetary penalty of ₹10.50 lakh (Rupees Ten lakh Fifty Thousand only) on Shri Kanyaka Nagari Sahakari Bank Limited, Chandrapur (the bank) for contravention of/ non-compliance with Supervisory Action Framework issued by RBI under section 36 (1) read with section 56 of the Banking Regulation Act, 1949 (the Act), directions issued by the RBI to Urban Co-operative Banks on opening of On-si
Nov 17, 2021
RBI imposes monetary penalty on The Nizamabad District Co-operative Central Bank Ltd., Nizamabad, Telangana
The Reserve Bank of India (RBI) has imposed, by an order dated November 17, 2021, a monetary penalty of ₹2.50 lakh (Rupees two lakh fifty thousand only) on The Nizamabad District Co-operative Central Bank Ltd., Nizamabad, Telangana for non-adherence / violation of certain directions issued by RBI contained in the Master Circular on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’ and Section 9 read with Section 56 of Banking Re
The Reserve Bank of India (RBI) has imposed, by an order dated November 17, 2021, a monetary penalty of ₹2.50 lakh (Rupees two lakh fifty thousand only) on The Nizamabad District Co-operative Central Bank Ltd., Nizamabad, Telangana for non-adherence / violation of certain directions issued by RBI contained in the Master Circular on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’ and Section 9 read with Section 56 of Banking Re
Nov 16, 2021
Reserve Bank of India imposes monetary penalty on Anuradha Urban Co-operative Bank Ltd., Chikhli Dist. Buldhana, Maharashtra
The Reserve Bank of India (RBl) has imposed, by an order dated November 16, 2021, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Anuradha Urban Co-operative Bank Ltd., Chikhli, Dist. Buldhana, Maharashtra (the bank) for contravention of/ non-compliance with the directions issued by RBI on Board of Directors and Exposure Norms & Statutory/ Other Restrictions-UCBs. This penalty has been imposed in exercise of powers vested in RBI under the provisions of
The Reserve Bank of India (RBl) has imposed, by an order dated November 16, 2021, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Anuradha Urban Co-operative Bank Ltd., Chikhli, Dist. Buldhana, Maharashtra (the bank) for contravention of/ non-compliance with the directions issued by RBI on Board of Directors and Exposure Norms & Statutory/ Other Restrictions-UCBs. This penalty has been imposed in exercise of powers vested in RBI under the provisions of
Nov 16, 2021
RBI imposes monetary penalty on Nagrik Sahakari Bank Maryadit, Durg, Chhattisgarh
The Reserve Bank of India (RBl) has imposed, by an order dated November 16, 2021, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Nagrik Sahakari Bank Maryadit, Durg, Chhattisgarh (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms & Statutory/ Other Restrictions-UCBs and Know Your Customer (KYC). This penalty has been imposed in exercise of powers vested in RBI under the pr
The Reserve Bank of India (RBl) has imposed, by an order dated November 16, 2021, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Nagrik Sahakari Bank Maryadit, Durg, Chhattisgarh (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms & Statutory/ Other Restrictions-UCBs and Know Your Customer (KYC). This penalty has been imposed in exercise of powers vested in RBI under the pr
Nov 11, 2021
RBI imposes monetary penalty on The Deola Merchants’ Co-operative Bank Ltd., Nashik, Maharashtra
The Reserve Bank of India (RBl) has imposed, by an order dated November 11, 2021, a monetary penalty of ₹25,000 (Rupees Twenty Five Thousand only) on The Deola Merchants’ Co-operative Bank Ltd., Nashik, Maharashtra (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Board of Directors and Exposure Norms. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47
The Reserve Bank of India (RBl) has imposed, by an order dated November 11, 2021, a monetary penalty of ₹25,000 (Rupees Twenty Five Thousand only) on The Deola Merchants’ Co-operative Bank Ltd., Nashik, Maharashtra (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Board of Directors and Exposure Norms. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47
Nov 09, 2021
RBl imposes monetary penalty on The Nakodar Hindu Urban Co-operative Bank Ltd., Nakodar, Punjab
The Reserve Bank of India (RBl) has imposed, by an order dated November 08, 2021, a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on The Nakodar Hindu Urban Co-operative Bank Ltd., Nakodar, Punjab (the bank) for non-compliance with certain directions issued by RBI contained in the Master Circular DCBR.BPD. (PCB) MC No.12/09.14.000/2015-16 dated July 01, 2015 on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’. This pen
The Reserve Bank of India (RBl) has imposed, by an order dated November 08, 2021, a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on The Nakodar Hindu Urban Co-operative Bank Ltd., Nakodar, Punjab (the bank) for non-compliance with certain directions issued by RBI contained in the Master Circular DCBR.BPD. (PCB) MC No.12/09.14.000/2015-16 dated July 01, 2015 on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’. This pen
Oct 29, 2021
RBI imposes monetary penalty on The Nainital Bank Ltd., Uttarakhand
The Reserve Bank of India (RBI) has, by an order dated October 28, 2021, imposed a monetary penalty of ₹56 lakh (Rupees Fifty Six lakh only) on The Nainital Bank Ltd., Uttarakhand (the bank) for non-compliance with the directions contained in RBI circulars on “Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances - Divergence in NPA Accounts” dated August 04, 2011 read with Master Circular on “Prudential Norms on Income R
The Reserve Bank of India (RBI) has, by an order dated October 28, 2021, imposed a monetary penalty of ₹56 lakh (Rupees Fifty Six lakh only) on The Nainital Bank Ltd., Uttarakhand (the bank) for non-compliance with the directions contained in RBI circulars on “Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances - Divergence in NPA Accounts” dated August 04, 2011 read with Master Circular on “Prudential Norms on Income R
Oct 26, 2021
RBI imposes monetary penalty on Vasai Vikas Sahakari Bank Ltd., Vasai, Maharashtra
The Reserve Bank of India (RBI) has, by an order dated October 26, 2021 imposed a monetary penalty of ₹90.00 lakh (Rupees ninety lakh only) on Vasai Vikas Sahakari Bank Ltd., Vasai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on “Management of Advances - UCBs”, “Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs”, with the specific directions issued to the bank vide RBI’s letter dated November 22, 20
The Reserve Bank of India (RBI) has, by an order dated October 26, 2021 imposed a monetary penalty of ₹90.00 lakh (Rupees ninety lakh only) on Vasai Vikas Sahakari Bank Ltd., Vasai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on “Management of Advances - UCBs”, “Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs”, with the specific directions issued to the bank vide RBI’s letter dated November 22, 20
Oct 26, 2021
RBl imposes monetary penalty on The Citizens Urban Co-operative Bank Ltd., Jalandhar, Punjab
The Reserve Bank of India (RBl) has imposed, by an order dated October 26, 2021, a monetary penalty of ₹7.00 lakh (Rupees Seven Lakh only) on The Citizens Urban Co-operative Bank Ltd., Jalandhar, Punjab (the bank) for non-compliance with certain directions issued by RBI contained in the Master Circular DCBR.BPD. (PCB) MC No.12/09.14.000/2015-16 dated July 01, 2015 on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’. This penalt
The Reserve Bank of India (RBl) has imposed, by an order dated October 26, 2021, a monetary penalty of ₹7.00 lakh (Rupees Seven Lakh only) on The Citizens Urban Co-operative Bank Ltd., Jalandhar, Punjab (the bank) for non-compliance with certain directions issued by RBI contained in the Master Circular DCBR.BPD. (PCB) MC No.12/09.14.000/2015-16 dated July 01, 2015 on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’. This penalt
Oct 18, 2021
Reserve Bank of India imposes monetary penalty on State Bank of India
The Reserve Bank of India (RBI) has, by an order dated October 18, 2021, imposed a monetary penalty of ₹1 crore (Rupees One Crore only) on State Bank of India (the bank) for non-compliance with the directions contained in ‘Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A (1) (c) read with sections 46(4)(i
The Reserve Bank of India (RBI) has, by an order dated October 18, 2021, imposed a monetary penalty of ₹1 crore (Rupees One Crore only) on State Bank of India (the bank) for non-compliance with the directions contained in ‘Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A (1) (c) read with sections 46(4)(i
Oct 18, 2021
Reserve Bank of India imposes monetary penalty on Standard Chartered Bank - India
The Reserve Bank of India (RBI) has, by an order dated October 18, 2021, imposed a monetary penalty of ₹1.95 crore (Rupees One Crore and Ninety-five Lakh only) on Standard Chartered Bank - India (the bank) for non-compliance with the directions issued by RBI on ‘Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’, ‘Cyber Security Framework in Banks’, ‘Credit Card Operations of banks’ read with ‘Guidelines on Managing
The Reserve Bank of India (RBI) has, by an order dated October 18, 2021, imposed a monetary penalty of ₹1.95 crore (Rupees One Crore and Ninety-five Lakh only) on Standard Chartered Bank - India (the bank) for non-compliance with the directions issued by RBI on ‘Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’, ‘Cyber Security Framework in Banks’, ‘Credit Card Operations of banks’ read with ‘Guidelines on Managing
Oct 14, 2021
Reserve Bank of India imposes monetary penalty on KNS Bank, The Kurla Nagarik Sahakari Bank Ltd., Mumbai
The Reserve Bank of India (RBI) has imposed, by an order dated October 14, 2021, a monetary penalty of ₹1 lakh (Rupees One lakh only) on KNS Bank, The Kurla Nagarik Sahakari Bank Ltd., Mumbai (the bank) for contravention of Section 26-A read with section 56 of the Banking Regulation Act, 1949 (the Act), the Depositor Education and Awareness Fund Scheme, 2014 (the Scheme) framed under section 26 A of the Act. This penalty has been imposed in exercise of powers vested i
The Reserve Bank of India (RBI) has imposed, by an order dated October 14, 2021, a monetary penalty of ₹1 lakh (Rupees One lakh only) on KNS Bank, The Kurla Nagarik Sahakari Bank Ltd., Mumbai (the bank) for contravention of Section 26-A read with section 56 of the Banking Regulation Act, 1949 (the Act), the Depositor Education and Awareness Fund Scheme, 2014 (the Scheme) framed under section 26 A of the Act. This penalty has been imposed in exercise of powers vested i
Oct 13, 2021
Reserve Bank of India imposes monetary penalty on The Sahyadri Sahakari Bank Limited, Mumbai
The Reserve Bank of India (RBI) has imposed, by an order dated October 13, 2021, a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on The Sahyadri Sahakari Bank Limited, Mumbai (the bank) for contravention of the provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (the Act), the Scheme framed thereunder and for contravention of /non-compliance with the directions issued by RBI contained in the Master Circular on Frauds - Classifi
The Reserve Bank of India (RBI) has imposed, by an order dated October 13, 2021, a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on The Sahyadri Sahakari Bank Limited, Mumbai (the bank) for contravention of the provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (the Act), the Scheme framed thereunder and for contravention of /non-compliance with the directions issued by RBI contained in the Master Circular on Frauds - Classifi
Oct 11, 2021
RBI imposes monetary penalty on Janata Sahakari Bank Ltd., Pune
The Reserve Bank of India (RBI) has, by an order dated October 07, 2021, imposed a monetary penalty of ₹30.00 lakh (Rupees thirty lakh only) on Janata Sahakari Bank Ltd., Pune (the bank) for non-compliance with specific directions dated March 06, 2018 issued by RBI under the Supervisory Action Framework (SAF) and RBI directions on ‘Frauds in UCBs: Changes in Monitoring and Reporting mechanism’. This penalty has been imposed in exercise of powers vested in RBI conferre
The Reserve Bank of India (RBI) has, by an order dated October 07, 2021, imposed a monetary penalty of ₹30.00 lakh (Rupees thirty lakh only) on Janata Sahakari Bank Ltd., Pune (the bank) for non-compliance with specific directions dated March 06, 2018 issued by RBI under the Supervisory Action Framework (SAF) and RBI directions on ‘Frauds in UCBs: Changes in Monitoring and Reporting mechanism’. This penalty has been imposed in exercise of powers vested in RBI conferre
Oct 07, 2021
RBI imposes monetary penalty on Bicholim Urban Co-operative Bank Limited, Bicholim, Goa
The Reserve Bank of India (RBI) has imposed, by an order dated October 07, 2021, a monetary penalty of ₹4 lakh (Rupees Four lakh only) on Bicholim Urban Co-operative Bank Limited, Bicholim, Goa (the bank) for contravention of/ non-compliance with directions issued by RBI on Exposure Norms and Statutory / Other Restrictions - UCBs, Board of Directors – UCBs and Know Your Customers (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provis
The Reserve Bank of India (RBI) has imposed, by an order dated October 07, 2021, a monetary penalty of ₹4 lakh (Rupees Four lakh only) on Bicholim Urban Co-operative Bank Limited, Bicholim, Goa (the bank) for contravention of/ non-compliance with directions issued by RBI on Exposure Norms and Statutory / Other Restrictions - UCBs, Board of Directors – UCBs and Know Your Customers (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provis
Oct 06, 2021
Reserve Bank of India imposes monetary penalty on The Kheda People’s Co-operative Bank Ltd., Kheda (Gujarat)
The Reserve Bank of India (RBI) has, by an order dated October 05, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on The Kheda People’s Co-operative Bank Ltd., Kheda (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms/ concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read wi
The Reserve Bank of India (RBI) has, by an order dated October 05, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on The Kheda People’s Co-operative Bank Ltd., Kheda (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms/ concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read wi
Oct 05, 2021
Reserve Bank of India imposes monetary penalty on The Pragati Co-operative Bank Ltd., Thara (Gujarat)
The Reserve Bank of India (RBI) has, by an order dated October 04, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on The Pragati Co-operative Bank Ltd., Thara (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms /concerns in which they are interested’ and ‘Loans and advances to directors etc. – directors as surety/guarantors – Clarification’. This penalty has been imposed in
The Reserve Bank of India (RBI) has, by an order dated October 04, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on The Pragati Co-operative Bank Ltd., Thara (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms /concerns in which they are interested’ and ‘Loans and advances to directors etc. – directors as surety/guarantors – Clarification’. This penalty has been imposed in
Oct 04, 2021
RBI imposes monetary penalty on Balasinor Nagrik Sahakari Bank Ltd., Balasinor, Dist. Mahisagar (Gujarat)
The Reserve Bank of India (RBI) has, by an order dated October 01, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on Balasinor Nagrik Sahakari Bank Ltd., Balasinor, Dist. Mahisagar (Gujarat) (the bank) for non-compliance with directions issued by the RBI on ‘Loans and advances to directors, relatives and firms / concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Secti
The Reserve Bank of India (RBI) has, by an order dated October 01, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on Balasinor Nagrik Sahakari Bank Ltd., Balasinor, Dist. Mahisagar (Gujarat) (the bank) for non-compliance with directions issued by the RBI on ‘Loans and advances to directors, relatives and firms / concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Secti
Oct 01, 2021
Reserve Bank of India imposes monetary penalty on Adarsh Mahila Nagari Sahakari Bank Limited, Aurangabad
The Reserve Bank of India (RBl) has imposed, by an order dated October 01, 2021, a monetary penalty of ₹25.00 lakh (Rupees Twenty Five Lakh only) on Adarsh Mahila Nagari Sahakari Bank Limited, Aurangabad, Maharashtra (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms and Statutory/ Other Restrictions-UCBs, Board of Directors-UCBs and opening of On-site ATMs. This penalty has been imposed
The Reserve Bank of India (RBl) has imposed, by an order dated October 01, 2021, a monetary penalty of ₹25.00 lakh (Rupees Twenty Five Lakh only) on Adarsh Mahila Nagari Sahakari Bank Limited, Aurangabad, Maharashtra (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms and Statutory/ Other Restrictions-UCBs, Board of Directors-UCBs and opening of On-site ATMs. This penalty has been imposed
Sep 29, 2021
RBI imposes monetary penalty on The Madura Sourashtra Co-operative Bank Ltd. (A-336), Madurai, Tamil Nadu
The Reserve Bank of India (RBI) has imposed, by an order dated September 29, 2021, a monetary penalty of ₹2.50 lakh (Rupees two lakh fifty thousand only) on The Madura Sourashtra Co-operative Bank Ltd. (A-336) for non-adherence / violation of directions issued under Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking
The Reserve Bank of India (RBI) has imposed, by an order dated September 29, 2021, a monetary penalty of ₹2.50 lakh (Rupees two lakh fifty thousand only) on The Madura Sourashtra Co-operative Bank Ltd. (A-336) for non-adherence / violation of directions issued under Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking
Sep 28, 2021
RBI imposes monetary penalty on Amrit Malwa Capital Limited, Jalandhar, Punjab
The Reserve Bank of India (RBI) has, by an order dated September 28, 2021, imposed a monetary penalty of ₹10 lakh (Rupees Ten Lakh only) on Amrit Malwa Capital Limited, Jalandhar, Punjab (the company), for non-compliance with certain provisions of the ‘Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016’. The penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with cl
The Reserve Bank of India (RBI) has, by an order dated September 28, 2021, imposed a monetary penalty of ₹10 lakh (Rupees Ten Lakh only) on Amrit Malwa Capital Limited, Jalandhar, Punjab (the company), for non-compliance with certain provisions of the ‘Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016’. The penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with cl
Sep 27, 2021
RBI imposes monetary penalty on RBL Bank Limited
The Reserve Bank of India (RBI) has, by an order dated September 27, 2021, imposed a monetary penalty of ₹2.00 crore (Rupees Two Crore only) on RBL Bank Limited (the bank) for contravention of section 28 (h) of the Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 and for non-compliance with the provisions of clause (b) of sub-section (2) of section 10A of the Banking Regulation Act, 1949 (the Act). For the non-compliance with the provisions of sectio
The Reserve Bank of India (RBI) has, by an order dated September 27, 2021, imposed a monetary penalty of ₹2.00 crore (Rupees Two Crore only) on RBL Bank Limited (the bank) for contravention of section 28 (h) of the Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 and for non-compliance with the provisions of clause (b) of sub-section (2) of section 10A of the Banking Regulation Act, 1949 (the Act). For the non-compliance with the provisions of sectio
Sep 27, 2021
Reserve Bank of India imposes monetary penalty on The Jammu & Kashmir State Co-operative Bank Limited, Srinagar
The Reserve Bank of India (RBI) has imposed, by an order dated September 23, 2021, a monetary penalty of ₹11.00 lakh on The Jammu & Kashmir State Co-operative Bank Limited, Srinagar (the bank) for contravention of section 23 read with section 56 of the Banking Regulation Act, 1949. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act,
The Reserve Bank of India (RBI) has imposed, by an order dated September 23, 2021, a monetary penalty of ₹11.00 lakh on The Jammu & Kashmir State Co-operative Bank Limited, Srinagar (the bank) for contravention of section 23 read with section 56 of the Banking Regulation Act, 1949. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act,
Sep 24, 2021
RBI imposes monetary penalty on Apna Sahakari Bank Ltd., Mumbai
The Reserve Bank of India (RBI) has, by an order dated September 23, 2021, imposed a monetary penalty of ₹79.00 lakh (Rupees seventy-nine lakh only) on Apna Sahakari Bank Ltd., Mumbai (the bank) for non-compliance with directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and other related matters (IRAC norms)’, ‘Interest Rate on Deposits’ and ‘Maintenance of Deposit Accounts’. This penalty has been imposed in exercise of powers vested in
The Reserve Bank of India (RBI) has, by an order dated September 23, 2021, imposed a monetary penalty of ₹79.00 lakh (Rupees seventy-nine lakh only) on Apna Sahakari Bank Ltd., Mumbai (the bank) for non-compliance with directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and other related matters (IRAC norms)’, ‘Interest Rate on Deposits’ and ‘Maintenance of Deposit Accounts’. This penalty has been imposed in exercise of powers vested in
Sep 21, 2021
Reserve Bank of India imposes monetary penalty on Porbandar Commercial Co-operative Bank Ltd., Porbandar (Gujarat)
The Reserve Bank of India (RBI) has, by an order dated September 21, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on Porbandar Commercial Co-operative Bank Ltd., Porbandar (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms /concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c)
The Reserve Bank of India (RBI) has, by an order dated September 21, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on Porbandar Commercial Co-operative Bank Ltd., Porbandar (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms /concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c)
Sep 20, 2021
RBI imposes monetary penalty on The Bhandara District Central Co-operative Bank Limited, Bhandara, Maharashtra
The Reserve Bank of India (RBl) has imposed, by an order dated September 20, 2021, a monetary penalty of ₹13,000/- (Rupees Thirteen Thousand only) on The Bhandara District Central Co-operative Bank Limited, Bhandara, Maharashtra (the bank) for contravention of /non-compliance with the provisions of the Credit Information Companies (Regulation) Act, 2005 (CIC Act) and RBI directions on membership of Credit Information Companies by Co-operative Banks. This penalty has b
The Reserve Bank of India (RBl) has imposed, by an order dated September 20, 2021, a monetary penalty of ₹13,000/- (Rupees Thirteen Thousand only) on The Bhandara District Central Co-operative Bank Limited, Bhandara, Maharashtra (the bank) for contravention of /non-compliance with the provisions of the Credit Information Companies (Regulation) Act, 2005 (CIC Act) and RBI directions on membership of Credit Information Companies by Co-operative Banks. This penalty has b
Sep 16, 2021
RBI imposes monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Guna, Madhya Pradesh
The Reserve Bank of India (RBl) has imposed, by an order dated September 16, 2021, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Jila Sahakari Kendriya Bank Maryadit, Guna, Madhya Pradesh (the bank) for contravention of/non-compliance with the provisions of the Banking Regulation Act, 1949 (the Act), the Depositor Education and Awareness Fund Scheme, 2014 (the Scheme) and directions issued by RBI on Know Your Customer (KYC). This penalty has been imposed
The Reserve Bank of India (RBl) has imposed, by an order dated September 16, 2021, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Jila Sahakari Kendriya Bank Maryadit, Guna, Madhya Pradesh (the bank) for contravention of/non-compliance with the provisions of the Banking Regulation Act, 1949 (the Act), the Depositor Education and Awareness Fund Scheme, 2014 (the Scheme) and directions issued by RBI on Know Your Customer (KYC). This penalty has been imposed
Sep 15, 2021
RBI imposes monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Chhatarpur, Madhya Pradesh
The Reserve Bank of India (RBl) has imposed, by an order dated September 15, 2021, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Jila Sahakari Kendriya Bank Maryadit, Chhatarpur, Madhya Pradesh (the bank) for contravention of/ non-compliance with the directions issued by RBI on Know Your Customer (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56
The Reserve Bank of India (RBl) has imposed, by an order dated September 15, 2021, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Jila Sahakari Kendriya Bank Maryadit, Chhatarpur, Madhya Pradesh (the bank) for contravention of/ non-compliance with the directions issued by RBI on Know Your Customer (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56
Sep 14, 2021
Reserve Bank of India imposes monetary penalty on The Kuppam Co-operative Town Bank Ltd., Kuppam, Chittoor District., Andhra Pradesh
The Reserve Bank of India (RBI) has imposed, by an order dated September 14, 2021, a monetary penalty of ₹5.00 lakh (Rupees five lakh only) on The Kuppam Co-operative Town Bank Ltd., Kuppam, Chittoor District., Andhra Pradesh (the bank) for contravention of / non-compliance with certain provisions of the directions issued by RBI contained in the Master Circular on Income Recognition, Asset Classification, Provisioning and other related Matters – UCB’s dated July 01, 2
The Reserve Bank of India (RBI) has imposed, by an order dated September 14, 2021, a monetary penalty of ₹5.00 lakh (Rupees five lakh only) on The Kuppam Co-operative Town Bank Ltd., Kuppam, Chittoor District., Andhra Pradesh (the bank) for contravention of / non-compliance with certain provisions of the directions issued by RBI contained in the Master Circular on Income Recognition, Asset Classification, Provisioning and other related Matters – UCB’s dated July 01, 2
Sep 14, 2021
Reserve Bank of India Imposes Monetary Penalty on Spice Money Limited
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹2.44 lakh (Rupees two lakh forty four thousand only) on Spice Money Limited (the entity) for contravention of / non-compliance with certain provisions of the directions issued by RBI contained in the Master Direction on Issuance and Operation of PPIs in India dated October 11, 2017 (updated as on November 17, 2020). The penalty has been imposed in exercise of powers vested in RBI under the provisions of
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹2.44 lakh (Rupees two lakh forty four thousand only) on Spice Money Limited (the entity) for contravention of / non-compliance with certain provisions of the directions issued by RBI contained in the Master Direction on Issuance and Operation of PPIs in India dated October 11, 2017 (updated as on November 17, 2020). The penalty has been imposed in exercise of powers vested in RBI under the provisions of
Sep 08, 2021
RBI imposes monetary penalty on The Swasakthi Mercantile Cooperative Urban Bank Ltd., Vijayawada, Krishna District, Andhra Pradesh
The Reserve Bank of India (RBI) has imposed, by an order dated September 08, 2021, a monetary penalty of ₹5.00 lakh (Rupees five lakh only) on The Swasakthi Mercantile Cooperative Urban Bank Ltd., Vijayawada (the bank) for contravention of / non-compliance with certain provisions of the directions issued by RBI contained in the Master Circular on Board of Directors – UCBs dated July 1, 2015. This penalty has been imposed in exercise of powers vested in RBI under the p
The Reserve Bank of India (RBI) has imposed, by an order dated September 08, 2021, a monetary penalty of ₹5.00 lakh (Rupees five lakh only) on The Swasakthi Mercantile Cooperative Urban Bank Ltd., Vijayawada (the bank) for contravention of / non-compliance with certain provisions of the directions issued by RBI contained in the Master Circular on Board of Directors – UCBs dated July 1, 2015. This penalty has been imposed in exercise of powers vested in RBI under the p
Sep 08, 2021
RBI imposes monetary penalty on Shikshak Sahakari Bank Ltd., Nagpur, Maharashtra
The Reserve Bank of India (RBI) has, by an order dated September 08, 2021, imposed a monetary penalty of ₹40,000 (Rupees Forty Thousand only) on Shikshak Sahakari Bank Ltd., Nagpur, Maharashtra (the bank) for non-compliance with regulatory directions issued by RBI contained in its directive on “Membership of Credit Information Companies (CICs)” and the provisions of Credit Information Companies Rules, 2006 (CIC Rules). This penalty has been imposed in exercise of powe
The Reserve Bank of India (RBI) has, by an order dated September 08, 2021, imposed a monetary penalty of ₹40,000 (Rupees Forty Thousand only) on Shikshak Sahakari Bank Ltd., Nagpur, Maharashtra (the bank) for non-compliance with regulatory directions issued by RBI contained in its directive on “Membership of Credit Information Companies (CICs)” and the provisions of Credit Information Companies Rules, 2006 (CIC Rules). This penalty has been imposed in exercise of powe
Sep 07, 2021
RBI imposes monetary penalty on The Sutex Co-operative Bank Ltd., Surat (Gujarat)
The Reserve Bank of India (RBI) has, by an order dated September 07, 2021, imposed a monetary penalty of ₹3.00 lakh (Rupees three lakh only) on The Sutex Co-operative Bank Ltd., Surat (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms /concerns in which they are interested’ and ‘Loans and advances to directors etc. – directors as surety/guarantors – Clarification’. This penalty has been imposed i
The Reserve Bank of India (RBI) has, by an order dated September 07, 2021, imposed a monetary penalty of ₹3.00 lakh (Rupees three lakh only) on The Sutex Co-operative Bank Ltd., Surat (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms /concerns in which they are interested’ and ‘Loans and advances to directors etc. – directors as surety/guarantors – Clarification’. This penalty has been imposed i
Sep 06, 2021
RBI imposes monetary penalty on Sarvodaya Co-operative Bank Ltd., Bhandup (W), Mumbai
The Reserve Bank of India (RBI) has imposed, by an order dated September 06, 2021, a monetary penalty of ₹2.00 lakh (Rupees two lakh only) on Sarvodaya Co-operative Bank Ltd., Bhandup (W), Mumbai (the bank) for contravention of/non-compliance with directions issued by RBI on Know Your Customers (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking
The Reserve Bank of India (RBI) has imposed, by an order dated September 06, 2021, a monetary penalty of ₹2.00 lakh (Rupees two lakh only) on Sarvodaya Co-operative Bank Ltd., Bhandup (W), Mumbai (the bank) for contravention of/non-compliance with directions issued by RBI on Know Your Customers (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking
Sep 03, 2021
RBI imposes monetary penalty on The Akola District Central Co-operative Bank Limited, Akola (Maharashtra)
The Reserve Bank of India (RBl) has imposed, by an order dated September 03, 2021, a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Akola District Central Co-operative Bank Limited, Akola, Maharashtra (the bank) for non-compliance with certain provisions of the directions issued by RBI contained in the Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016. This penalty has been imposed in exercise of powers vested in RBI under the provisions
The Reserve Bank of India (RBl) has imposed, by an order dated September 03, 2021, a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Akola District Central Co-operative Bank Limited, Akola, Maharashtra (the bank) for non-compliance with certain provisions of the directions issued by RBI contained in the Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016. This penalty has been imposed in exercise of powers vested in RBI under the provisions
Sep 03, 2021
RBI imposes monetary penalty on Bombay Mercantile Co-operative Bank Ltd., Mumbai
The Reserve Bank of India (RBI) has, by an order dated September 02, 2021, imposed a monetary penalty of ₹50 lakh (Rupees fifty lakh only) on Bombay Mercantile Co-operative Bank Ltd., Mumbai (the bank) for non-compliance with directions issued by RBI contained in in the Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016 and specific directions dated March 05, 2018 and April 11, 2018 issued by RBI under the Supervisory Action Framew
The Reserve Bank of India (RBI) has, by an order dated September 02, 2021, imposed a monetary penalty of ₹50 lakh (Rupees fifty lakh only) on Bombay Mercantile Co-operative Bank Ltd., Mumbai (the bank) for non-compliance with directions issued by RBI contained in in the Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016 and specific directions dated March 05, 2018 and April 11, 2018 issued by RBI under the Supervisory Action Framew
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Page Last Updated on: July 22, 2024
