The Reserve Bank of India (RBI) has imposed by an order dated March 30, 2024, a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on The Panchkula Urban Co-operative Bank Ltd., Panchkula (the bank) for non-compliance with certain provisions of RBI directions on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’. This penalty has been imposed in exercise of powers vested in RBI, conferred 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, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The Uttarakhand Grameen Bank, Dehradun (the bank) for contravention of the provisions of section 26 A (2) read with section 51 of the Banking Regulation Act, 1949 (BR Act).

The Reserve Bank of India (RBI) has imposed by an order dated March 29, 2024, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The Raj Laxmi Mahila Urban Co-operative Bank Ltd., Jaipur (the bank) for non-compliance with the specific directions issued by RBI under Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers vested in RBI, conferred 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 RBI with reference to its financial position as on March 31, 2022. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

The Reserve Bank of India (RBI) has imposed, by an order dated March 29, 2024, a monetary penalty of ₹4.00 lakh (Rupees Four lakh only) on Nagar Sahkari Bank Limited, Etawah (the bank) for non-compliance with directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act.

The Reserve Bank of India (RBI) has imposed, by an order dated March 27, 2024, 2024, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Rohtak Central Co-operative Bank Limited, Rohtak (the bank) for contravention of the provisions of section 20 (1) and section 26 A (2) read with section 56 of the Banking Regulation Act, 1949 (BR Act).

The Reserve Bank of India (RBI) has, by an order dated March 27, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Parwanoo Urban Co-operative Bank Ltd., Parwanoo (the bank) for non-compliance with the directions issued by RBI relating to Prudential Norms on Income Recognition, Asset Classification and Provisioning (IRAC). This penalty has been imposed in exercise of powers vested in RBI, conferred 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 27, 2024, imposed a monetary penalty of ₹49,70,000/- (Rupees Forty-Nine Lakh Seventy Thousand only) on LIC Housing Finance Limited (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 vested in RBI conferred under section 52A of the National Housing Bank Act, 1987.

The Reserve Bank of India (RBI) has, by an order dated March 27, 2024 imposed a monetary penalty of ₹1.00 crore (Rupees One crore only) on IDFC First Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’.

The Reserve Bank of India (RBI) has, by an order dated February 28, 2024, imposed a monetary penalty of ₹25,000/- (Rupees Twenty-Five thousand only) on The Tirupattur Urban Co-operative Bank Ltd., Tirupattur, Tamil Nadu (the bank) for non-compliance with certain provisions of RBI directions on ‘Exposure Norms and Statutory/ Other Restrictions – UCBs’. This penalty has been imposed in exercise of powers vested in RBI, conferred 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 February 28, 2024, imposed a monetary penalty of ₹25,000/- (Rupees Twenty-Five thousand only) on Tirumangalam Co-operative Urban Bank Ltd., Tirumangalam, Tamil Nadu (the bank) for non-compliance with RBI directions on ‘Board of Directors - UCBs’ read with ‘Loans and advances to directors, their relatives, and firms/concerns in which they are interested’.