The Reserve Bank of India (RBI) has, by an order dated August 03, 2023 imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Islampur Urban Co-operative Bank Limited, Islampur, (Maharashtra) (the bank) for non-compliance with provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ and ‘Maintenance of Deposit Accounts-UCBs’. 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 BR Act.

The Reserve Bank of India (RBI) has, by an order dated August 02, 2023 imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Mahabaleshwar Urban Co-operative Bank Limited., Mahabaleshwar, Maharashtra (the bank) for contravention of provisions of Section 20A read with Section 56 of the Banking Regulation Act, 1949 (BR Act), specific directions issued by RBI under Supervisory Action Framework (SAF), and directions issued by RBI on ‘Maintenance of Deposit Accounts’ and ‘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 Sections 46(4)(i) and 56 of the BR Act.

The Reserve Bank of India (RBI) has, by an order dated July 03, 2023, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh and Fifty Thousand only) on Vita Urban Co-operative Bank Ltd., Vita, Maharashtra (the bank) for contravention of provisions of Section 26-A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and directions issued by RBI on ‘Maintenance of Deposit Accounts’. 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) and 56 of the BR Act.

The Reserve Bank of India (RBI) has, by an order dated July 03, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Shreeji Bhatia Cooperative Bank Ltd., Mumbai (the bank) for non-compliance with specific directions issued by RBI under the Supervisory Action Framework (SAF) and ‘Reserve Bank of India (Know Your Customer (KYC)) 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) and 56 of the Banking Regulation Act, 1949 (BR Act).

The Reserve Bank of India (RBl) has imposed, by an order dated June 22, 2023, a monetary penalty of ₹1.50 lakh (Rupees One Lakh Fifty Thousand only) on Solapur Siddheshwar Sahakari Bank Limited, Solapur (Maharashtra) (the bank) for contravention of/ non-adherence 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 S

The Reserve Bank of India (RBI) has imposed, by an order dated June 21, 2023, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Berhampur Co-operative Urban Bank Ltd., Odisha (the bank) for contravention of directions issued by RBI on (i) ‘Exposure Norms and Statutory/Other Restrictions - UCBs’ and (ii) ‘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 Secti

The Reserve Bank of India (RBI) has, by an Order dated June 19, 2023, imposed a monetary penalty of ₹4.50 lakh (Rupees Four Lakh Fifty Thousand only) on Textile Traders Co-operative Bank Ltd., Ahmedabad (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Co-operative Banks - Interest Rate on Deposits’, ‘Customer Protection – Limiting Liability of Customers of Co-operative Banks in Unauthorized Electronic Banking Transactions’, and ‘Know Your Custome

The Reserve Bank of India (RBI) has, by an Order dated June 05, 2023, imposed a monetary penalty of ₹10.00 lakh (Rupees ten lakh only) on The Co-operative Bank of Rajkot Ltd., Rajkot (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Reporting of unauthorised transactions by customers to banks’, ‘Names as Appearing in the Certificate of Registration and the Licence - Use of - Primary (Urban) Co-operative Banks (UCBs)’ and ‘Frauds in UCBs: Changes i

The Reserve Bank of India (RBI) has, by an order dated May 29, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Shri Laxmi Sahakari Bank Ltd., Mhaisal (the bank) for non-compliance with the directions issued by RBI on ‘Know Your Customers’ (KYC). This penalty has been imposed in exercise of powers vested in RBI conferred under section 47A(1)(c) read with sections 46(4)(i) and Section 56 of Banking Regulation Act, 1949 (BR Act). This action is b

The Reserve Bank of India (RBI) has imposed, by an order dated May 19, 2023, a monetary penalty of ₹4.00 lakh (Rupees Four lakh only) on Rain Bow Finance India Ltd., Chennai, Tamil Nadu (the company) for non-compliance with directions issued by RBI vide Master Direction - Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 dated September 01, 2016 related to Standard Asset Provisioning and Leverage Rati

The Reserve Bank of India (RBI) has imposed, by an order dated May 18, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on M/s Srestha Finvest Limited, Chennai, Tamil Nadu (the company) for non-compliance with directions issued by RBI with respect to requirement of obtaining prior approval from RBI in cases of acquisition/ transfer of control of Non-Banking Financial Companies (NBFCs) as applicable to Non-Banking Financial Company - Non-Systemically Impor

The Reserve Bank of India (RBI) has, by an order dated May 19, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Krishna Sahakari Bank Ltd., Satara (the bank) for contravention of directions issued by RBI on Maintenance of Deposit Accounts. 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, 1949 (the Act), taking