The Reserve Bank of India (RBl) has, by an order dated October 21, 2024, imposed a monetary penalty of ₹7.50 lakh (Rupees Seven lakh fifty thousand only) on The Vaijapur Merchants Co-operative Bank Limited, Vaijapur, Maharashtra (the bank), for non-compliance with specific directions issued by RBI under Supervisory Action Framework (SAF) and with the certain directions issued by RBI on ‘’. This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(1)(c) read with section 46(4)(i) and section 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBl) has, by an order dated October 21, 2024, imposed a monetary penalty of ₹2.60 lakh (Rupees Two lakh sixty thousand only) on The Gondia District Central Co-operative Bank Ltd., Maharashtra (the bank) for contravention of the provisions of section 20 read with section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’. 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 the BR Act and section 25 of the Credit Information Companies (Regulation) Act, 2005.

The Reserve Bank of India (RBI) has, by an order dated October 21, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Shri Shiveshwar Nagari Sahakari Bank Limited, Basmatnagar, Hingoli, Maharashtra (the bank), for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (p Act). 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 56 of the BR Act.

The Reserve Bank of India (RBl) has, by an order dated October 21, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Prerna Nagari Sahakari Bank Limited, Aurangabad, Maharashtra (the bank), for non-compliance with certain directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms /concerns in which they are interested’. 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBl) has, by an order dated October 21, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Maa Sharda Mahila Nagrik Sahakari Bank Maryadit, Maihar, Madhya Pradesh (the bank), for non-compliance with certain directions issued by RBI on ‘Exposure norms & Statutory/ Other Restrictions – UCBs’. 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated October 22, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on Vidyasagar Central Co-operative Bank Limited, Midnapore, West Bengal (the bank) for non-compliance with the directions issued by RBI on ‘Housing Finance’. 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated October 22, 2024, imposed a monetary penalty of ₹1.25 lakh (Rupees One Lakh Twenty Five Thousand only) on The Aurangabad District Central Co-operative Bank Ltd., Bihar (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 ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’. 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 56 of BR Act and section 25 of the Credit Information Companies (Regulation) Act, 2005.

The Reserve Bank of India (RBI) has, by an order dated October 17, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on Family Home Finance Private Limited, Mumbai, Maharashtra (the company) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’. 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 October 10, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Andhra Pragathi Grameena Bank, Andhra Pradesh (the bank) for non-compliance with certain directions issued by RBI on ‘Strengthening of Prudential Norms- Provisioning Asset Classification and Exposure Limit’ read with ‘Income Recognition, Asset Classification and Provisioning Norms-Guidelines (IRAC norms)’. 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 51(1) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBl) has, by an order dated October 07, 2024, imposed a monetary penalty of ₹2.50 lakh (Rupees Two Lakh Fifty Thousand only) on Jila Sahakari Kendriya Bank Maryadit, Mandsaur, Madhya Pradesh (the bank), for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(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 October 07, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on GoCapital Finance Limited, Chennai, Tamil Nadu (the company) for non-compliance with certain provisions of ‘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 vested in RBI, conferred under the provisions of 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 October 07, 2024, imposed a monetary penalty of ₹3.00 lakh (Rupees Three Lakh only) on The Catholic Co-operative Urban Bank Limited, Telangana (the bank) for non-compliance with certain directions issued by RBI on ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’, ‘Management of advances-UCBs’ and ‘Loans and advances to directors, their relatives, and firms /concerns in which they are interested’. 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBl) has, by an order dated October 03, 2024, imposed a monetary penalty of ₹14.00 lakh (Rupees Fourteen Lakh only) on Arunachal Pradesh Rural Bank (the bank), for non-compliance with certain directions issued by RBI on ‘Strengthening of Prudential Norms- Provisioning Asset Classification and Exposure Limit’ and 'Know Your Customer (KYC) '. 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 51(1) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBl) has, by an order dated October 07, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on The Urban Co-operative Bank Limited, Dharangaon, Maharashtra (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 Banking Regulation Act, 1949.

The Reserve Bank of India (RBl) has, by an order dated October 03, 2024, imposed a monetary penalty of ₹2.75 lakh (Rupees Two Lakh Seventy Five Thousand only) on Jilla Sahakari Kendriya Bank Maryadit, Bhind, Madhya Pradesh (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 ‘Membership of Credit Information Companies (CICs) by Co-operative 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 56 of the BR Act and section 25 of the Credit Information Companies (Regulation) Act, 2005.

The Reserve Bank of India (RBI) has, by an order dated October 04, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on Sri Kalahasti Co-operative Town Bank Limited, Andhra Pradesh (the bank) for non-compliance with provisions of Section 31 of the Banking Regulation Act, 1949 (BR Act). 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 October 1, 2024, imposed a monetary penalty of ₹28.30 lakh (Rupee Twenty Eight Lakh Thirty Thousand only) on SG Finserve limited (formerly known as M/s Moongipa Securities 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

The Reserve Bank of India (RBI) has, by an order dated September 26, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on Jaihind Urban Co-operative Bank Limited, Pune (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’. 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated September 26, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Mansing Co-operative Bank Limited, Dudhondi (the bank) for non-compliance with certain 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 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 October 01, 2024, imposed a monetary penalty of ₹2.50 lakh (Rupees Two Lakh Fifty Thousand only) on Sonbhadra Nagar Sahkari Bank Limited, Sonbhadra (the bank) for contravention of the provisions of section 26A 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 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 October 01, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on The Parwanoo Urban Co-operative Bank Limited, Parwanoo (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 Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated September 26, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on Koyana Sahakari Bank Ltd., Karad, Maharashtra (the bank) for non-compliance with certain 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 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 September 30, 2024, imposed a monetary penalty of ₹3.00 lakh (Rupees Three Lakh only) on the Muslim Co-operative Bank Limited, Pune, Maharashtra for non-compliance with certain directions issued by RBI on ‘Maintenance of Deposit Accounts –Primary (Urban) Co-operative Banks’. 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 56 of the Banking Regulation Act,1949.

The Reserve Bank of India (RBI) has, by an order dated September 30, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Kolhapur Urban Co-operative Bank Limited, Kolhapur, Maharashtra for non-compliance with certain directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms/concerns in which they are interested.’ 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated September 25, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on Sindhudurg District Central Co-operative Bank Limited, Maharashtra for violation of Section 20 of Banking Regulation Act, 1949 (BR Act) read with Section 56 of the Act. 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 56 of the BR Act

The Reserve Bank of India (RBl) has, by an order dated October 03, 2024, imposed a monetary penalty of ₹1.10 lakh (Rupees One Lakh Ten Thousand only) on Nabapalli Co-operative Bank Limited (the bank), for non-compliance with specific directions issued by RBI on making contribution to Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of Priority Sector Lending (PSL). 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 September 25, 2024, imposed a monetary penalty of ₹1.50 lakh /- (Rupees One Lakh Fifty Thousand only) on Jai Bhawani Sahakari Bank Ltd., Pune, Maharashtra (the bank) for contravention of the provisions of section 26 A read with section 56 of the Banking Regulation Act, 1949 (BR Act), non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’ and ‘Maintenance of Deposit Accounts –Primary (Urban) Co-operative Banks’. 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 56 of the BR Act.

The Reserve Bank of India (RBI) has, by an order dated September 20, 2024, imposed a monetary penalty of ₹1.50 lakh (Rupees One Lakh Fifty thousand only) on The Bihar Awami Co-operative Bank Ltd., Patna (the bank) for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act) and for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’ . 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 BR Act.

The Reserve Bank of India (RBI) has, by an order dated September 23, 2024, imposed a monetary penalty of ₹61.60 lakh (Rupees Sixty one lakh and sixty thousand only) on The Surat People’s Co-operative Bank Limited, Surat (the bank), for non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters’, ‘Loans and advances to directors and their relatives, and firms/concerns in which they are interested’, ‘Maintenance of Deposit Accounts’ and ‘Customer Service’. 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 September 13, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on Dr. Babasaheb Ambedkar Sahakari Bank Limited, Nashik, Maharashtra (the bank), for non-compliance with 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, 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 September 12, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on The Urban Co-operative Bank Limited., Anantnag (the bank) for non-compliance with directions issued by RBI on ‘Investments by Primary (Urban) Co-operative Banks’. 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 September 13, 2024, imposed a monetary penalty of ₹3.00 lakh (Rupees Three Lakh only) on Lucknow University Primary Co-operative Bank Ltd., Lucknow (the bank) for non-compliance with the direction issued by RBI on ‘Investments by Primary (Urban) Co-operative Banks’. 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 September 4, 2024, imposed a monetary penalty of ₹23,10,000/- (Rupees Twenty three lakh ten thousand only) on SMFG India Credit Company Limited (formerly known as Fullerton lndia Credit Company Limited) (the company) for non-compliance with certain provisions of the ‘Master Direction - Information Technology Framework for the NBFC Sector’ and certain directions relating to cyber security measures issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (b) of sub-section (1) of Section 58 G read with clause (aa) of sub-section (5) of Section 58 B of the Reserve Bank of India Act, 1934

The Reserve Bank of India (RBI) has, by an order dated September 3, 2024, imposed a monetary penalty of ₹1.91 crore (Rupees One crore and ninety-one lakh only) on Axis Bank Limited (the bank) for contravention of provisions of Section 19 (1) (a) of the Banking Regulation Act, 1949 (BR Act), and non-compliance with certain directions issued by RBI on ‘Interest Rate on Deposits’, ‘Know Your Customer (KYC)’ and ‘Credit Flow to Agriculture- Collateral free agricultural loans’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) of BR Act.

The Reserve Bank of India (RBI) has, by an order dated September 03, 2024 imposed a monetary penalty of ₹1,00,00,000 (Rupees One crore only) on HDFC Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Interest Rate on Deposits’, ‘Recovery Agents engaged by Banks’ and ‘Customer Service in Banks’ read with the BCSBI Code and ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 47 A (1) (c) read with section 46 (4) of the Banking Regulation Act, 1949

The Reserve Bank of India (RBl) has, by an order dated September 05, 2024, imposed a monetary penalty of ₹4.50 lakh (Rupees Four lakh fifty thousand only) on Samarth Sahakari Bank Limited, Solapur, Maharashtra (the bank) for contravention of the provisions of section 12(2) read with section 56 of the Banking Regulation Act, 1949 (BR Act), non-compliance with directions issued by RBI on ‘Exposure Norms and Statutory/Other Restrictions – UCBs’ and operational instructions issued by RBI under ‘Supervisory Action Framework for Primary (Urban) Co-operative Banks (UCBs)’. Thi

The Reserve Bank of India (RBl) has, by an order dated September 05, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Jila Sahakari Kendriya Bank Maryadit, Vidisha, Madhya Pradesh (the bank) for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act). 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 56 of the BR Act.

The Reserve Bank of India (RBl) has, by an order dated September 05, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Jila Sahakari Kendriya Bank Maryadit, Vidisha, Madhya Pradesh (the bank) for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act). 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 56 of the BR Act

The Reserve Bank of India (RBI) has, by an order dated September 05, 2024, imposed a monetary penalty of ₹3.50 lakh (Rupees Three lakh fifty thousand only) on Nagrik Sahakari Bank Maryadit, Raipur, Chhattisgarh (the bank) for non-compliance with directions issued by RBI on ‘Exposure Norms & Statutory/Other Restrictions – UCBs’ and ‘Investments by Primary (Urban) Co-operative Banks’. 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 August 29, 2024, imposed a monetary penalty of ₹5,00,000/- (Rupees Five lakh only) on Godrej 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 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 September 2, 2024, imposed a monetary penalty of ₹5,00,000/- (Rupees Five lakh only) on Aadhar 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 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 September 2, 2024, imposed a monetary penalty of ₹3,50,000/- (Rupees Three lakh fifty thousand only) on Housing and Urban Development Corporation Limited (the company) for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Direction, 2016’ and ‘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 August 28, 2024, imposed a monetary penalty of ₹25,000/- (Rupees Twenty Five Thousand only) on RAR Fincare Limited, Chennai, Tamil Nadu (the company) for non-compliance with certain provisions of ‘Master Direction- Non-Banking Financial Company–Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016’ read with ‘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 vested in RBI, conferred under the provisions of 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 August 28, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Durgapur Mahila Co-operative Bank Limited, Kolkata (the bank) for non-compliance with certain provisions of ‘Master Circular on Investments by Primary (Urban) Co-operative Banks’ issued by RBI. 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 August 26, 2024, imposed a monetary penalty of ₹2,10,000/- (Rupees Two Lakh Ten Thousand only) on Cent Bank Home Finance Limited (the company) for non-compliance with certain provisions of ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ 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 August 26, 2024, imposed a monetary penalty of ₹2,68,30,000 (Rupees Two crore sixty eight lakh and thirty thousand only) on UCO 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’, ‘Opening of Current Accounts by Banks - Need for Discipline’, ‘Interest Rate on Deposits’ and ‘Frauds classification and reporting by commercial banks and select FIs’.

The Reserve Bank of India (RBI) has, by an order dated August 23, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on the Uttarkashi Zila Sahkari Bank Ltd., Uttarkashi (the bank) for contravention of the provisions of section 20(1) and section 26A(2) read with section 56 of the Banking Regulation Act, 1949 (BR Act). 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 August 23, 2024, imposed a monetary penalty of ₹8.00 lakh (Rupees Eight lakh Only) on the Mahoba Urban Co-operative Bank Ltd., Mahoba, Uttar Pradesh (the bank) for contravention of the provisions of section 26A(2) read with section 56 of the Banking Regulation Act, 1949 (BR Act), non-compliance with directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’ and ‘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 BR Act.

The Reserve Bank of India (RBI) has, by an order dated August 23, 2024, imposed a monetary penalty of ₹3.00 Lakh (Rupees Three Lakh only) on the U. P. Postal Primary Co-operative Bank Ltd., Lucknow (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 Reserve Bank of India (RBI) has, by an order dated August 22, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Manipur State Co-operative Bank Ltd., Manipur (the bank) for contravention of provisions of Section 9 of Banking Regulation Act,1949 (BR Act) and non-compliance with the of provisions of Credit Information Companies (Regulation) Act, 2005.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, 1949 and Section 25 of the Credit Information Companies (Regulation) Act, 2005.

The Reserve Bank of India (RBI) has, by an order dated August 22, 2024, imposed a monetary penalty of ₹1.50 lakh (Rupees One Lakh Fifty Thousand only) on The Urban Co-operative Bank Ltd., Cuttack (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC) norms’ and ‘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 August 14, 2024, imposed a monetary penalty of ₹1.25 lakh (Rupees One lakh twenty five thousand only) on The Valsad Mahila Nagarik Sahakari Bank Ltd., Valsad, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters- UCBs’, ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’, ‘Know Your Customer (KYC) norms’ and ‘Maintenance of Deposit Accounts –Primary (Urban) Co-operative Banks’. This penalty has been imposed in exercise of powers conferred on RBI under section 47A (1) (c) read with sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949 and section 25 of the Credit Information Companies (Regulation) Act, 2005.

The Reserve Bank of India (RBI) has, by an order dated August 21, 2024, imposed a monetary penalty of ₹1,99,50,000/- (Rupees One crore ninety-nine lakh and fifty thousand only) on Innofin Solutions Private Limited (the company) (also referred to as “LenDen Club”) for non-compliance with certain provisions of the ‘Non-Banking Financial Company - Peer to Peer Lending Platform (Reserve Bank) Directions, 2017’ and “Guidelines on Digital Lending” issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of 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 August 21, 2024, imposed a monetary penalty of ₹1,92,00,000/- (Rupees One crore ninety-two lakh only) on NDX P2P Private Limited (the company) (also referred to as ‘LiquiLoans’) for non-compliance with certain provisions of the ‘Non-Banking Financial Company - Peer to Peer Lending Platform (Reserve Bank) Directions, 2017’ and “Guidelines on Digital Lending” issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of 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. A scrutiny of the company was conducted by RBI in June 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, 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, additional submissions made by it 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:  i) did not disclose required personal details including credit assessment and risk profile of the borrowers to the prospective lenders; ii) disbursed loans without specific approval of individual lenders; iii) routed the amounts disbursed and collected in loan accounts in the P2P Platform through a ‘co-lending escrow account’ in violation of the laid down ‘Fund Transfer Mechanism’; iv) allowed repayments in Merchant Finance Loans to be routed through the nodal account of a third party, which was acting as a Lending Service Provider for the company; and v) took partial credit risk by foregoing the service fee partially/ fully, which was not provided under the scope of activities for NBFC-P2P companies.  This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.  (Puneet Pancholy)      Chief General Manager Press Release: 2024-2025/964

The Reserve Bank of India (RBI) has, by an order dated August 09, 2024, imposed a monetary penalty of ₹1 lakh (Rupees One lakh only) on The Gandhidham Mercantile Co-operative Bank Limited, Kachchh, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Donations to Trusts and Institutions where Directors, their relatives hold position or are interested’. This penalty has been imposed in exercise of powers conferred on RBI under 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 August 09, 2024, imposed a monetary penalty of ₹8.00 lakh (Rupees Eight lakh only) on The Co-operative Bank of Rajkot Ltd., Rajkot, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Interest Rate on Deposits’ and ‘Master Direction - Know Your Customer (KYC)’. 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 August 08, 2024, imposed a monetary penalty of ₹25,00,000/- (Rupees Twenty five lakh only) on Shikshak Sahakari Bank Limited, Nagpur (the bank), for non-compliance with certain directions issued by RBI on Limits on exposure to single and group borrowers. 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 August 08, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on Maharashtra Nagari Sahakari Bank Limited, Latur, Maharashtra (the bank), for non-compliance with certain directions issued by RBI on lncome Recognition and Asset Classification (IRAC) norms and contravention of provisions of section 26A 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 provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.

The Reserve Bank of India (RBl) has, by an order dated July 12, 2024, imposed a monetary penalty of ₹50,000 (Rupees Fifty thousand only) on The Nashik Jilha Mahila Sahakari Bank Ltd, Nashik, Maharashtra (the bank), for contravention of the provisions of section 26 A (2) read with section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(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 8, 2024, imposed a monetary penalty of ₹1,27,20,000/- (Rupees One Crore Twenty Seven Lakh and Twenty Thousand only) on Bank of Maharashtra (the bank) for non-compliance with certain directions issued by RBI on ‘Loan System for Delivery of Bank Credit’, ‘Cyber Security Framework in Banks’ and ‘Know Your Customer’. 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 51(1) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated August 08, 2024, imposed a monetary penalty of ₹4.90 lakh (Rupees Four Lakh Ninety Thousand only) on Hinduja Leyland Finance Limited (the company) for non-compliance with certain provisions of the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of 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 August 12, 2024, imposed a monetary penalty of ₹10.00 lakh (Rupees Ten Lakh only) on Poonawalla Fincorp Limited, Pune, Maharashtra (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ issued by RBI, relating to ‘Fair Practices Code for NBFCs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934.

The Reserve Bank of India (RBI) has, by an order dated August 7, 2024, imposed a monetary penalty of ₹5,00,000/- (Rupees Five Lakh only) on Muthoot Housing Finance Company 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 relating to ‘Governance’. 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 August 06, 2024, imposed a monetary penalty of ₹1,06,40,000 (Rupees One Crore, Six Lakh and Forty Thousand only) on Union Bank of India (the bank) for non-compliance with certain directions issued by RBI on ‘Creation of a Central Repository of Large Common Exposures-Across Banks’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and section 51(1) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated August 08, 2024, imposed a monetary penalty of ₹3,10,000/- (Rupees Three Lakh Ten Thousand only) on Ashoka Viniyoga Limited (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ issued by the RBI, relating to ‘Governance Issues’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of 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 August 08, 2024, imposed a monetary penalty of ₹1,86,80,000 (Rupees One Crore, Eighty Six Lakh and Eighty Thousand only) on CSB Bank Ltd. (the bank) for contravention of section 10(1)(b)(ii) of the BR Act, and non-compliance with certain directions issued by RBI on ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’ and ‘Master Circular on Branch Authorisation’. This penalty has been imposed in exercise of powers vested in RBI conferred 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 August 08, 2024, imposed a monetary penalty of ₹5,00,000/- (Rupees Five Lakh only) on Nido Home Finance Limited (the company) for non-compliance with certain provisions of the direction on ‘Co-Lending by Banks and NBFCs to Priority Sector’ 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 August 05, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Suvarnayug Sahakari Bank Ltd., Pune, for non-compliance with certain directions issued by RBI on ‘Know Your Customer (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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated August 05, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Nidhi Co-operative Bank Ltd., Ahmedabad, Gujarat (the bank) for non-compliance with the 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, 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 July 24, 2024, imposed a monetary penalty of ₹4.00 lakh (Rupees Four lakh only) on The Hindusthan Co-operative Bank Limited, Mumbai, for non-compliance with certain directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions - UCBs’, ‘Limits on exposure to single and group borrowers/parties and large exposures -UCBs’ and ‘Know Your Customer (KYC) Norms’. 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 56 of the Banking Regulation Act, 1949

The Reserve Bank of India (RBI) has, by an order dated July 24, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Alibag Co-operative Urban Bank Limited, Alibag for non-compliance with certain directions issued by RBI on ‘Management of Advances-UCBs’. 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 56 of the BR Act.

The Reserve Bank of India (RBl) has, by an order dated July 26, 2024, imposed a monetary penalty of ₹2.08 lakh (Rupees Two Lakh and Eight thousand only) on Shrikrishna Co-operative Bank Limited, Umrer, Maharashtra (the bank), for non-compliance with certain directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms /concerns in which they are interested’. This penalty has been imposed in exercise of powers conferred on RBI under 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 July 26, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Nagnath Urban Co-operative Bank Limited, Hingoli, Maharashtra (the bank), for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(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 July 30, 2024 imposed a monetary penalty of ₹5.00 Lakh (Rupees Five Lakh only) on Urban Co-operative Bank Ltd., Mainpuri (the bank) for non-compliance with certain directions issued by RBI on ‘Investments by Primary (Urban) Co-operative Banks’. 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 statutory inspection of the bank 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 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 (RBl) has, by an order dated July 19, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Jilla Sahakari Kendriya Bank Maryadit, Khargone, Madhya Pradesh (the bank), for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(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 July 22, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Jharkhand State Co-operative Bank Ltd, Ranchi (the bank) for non-compliance with certain directions issued by RBI on ‘Know your Customer (KYC) norms’. 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 July 16, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The Yashwant Co-operative Bank Limited, Satara, Maharashtra (the bank) for contravention of the provisions of section 26 A read with section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters- UCBs’, ‘Exposure Norms and Statutory / Other Restrictions - UCBs’, ‘Know Your Customer (KYC) norms’ and ‘Maintenance of Deposit Accounts –Primary (Urban) Co-operative Banks’. 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 56 of the BR Act.

The Reserve Bank of India (RBI) has, by an order dated July 15, 2024, imposed a monetary penalty of ₹1,90,000/- (Rupees One Lakh Ninety Thousand only) on Muthoot Finance Limited (the company) for non-compliance with certain provision of ‘Know Your Customer (KYC) Directions, 2016’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of 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 July 15, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on The District Co-operative Central Bank Limited, Vizianagaram, Andhra Pradesh (the bank) for non-compliance with certain directions issued by The National Bank for Agriculture and Rural Development (NABARD) on ‘Frauds - Guidelines for Classification, Reporting and Monitoring’. 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 56 of the Banking Regulation Act, 1949

The Reserve Bank of India (RBl) has, by an order dated July 08, 2024, imposed a monetary penalty of ₹2.50 lakh (Rupees Two Lakh Fifty Thousand only) on Chandrapur District Central Co-operative Bank Limited, Chandrapur, Maharashtra (the bank) for contravention of the 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 vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated July 15, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on Sree Harihareshwara Urban Co-operative Bank Limited, Harihar, Karnataka (the bank) for non-compliance with certain directions issued by RBI on ‘Exposure Norms and Statutory/Other Restrictions − UCBs’. 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated July 11, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Vaishali District Central Co-operative Bank Ltd., Bihar (the bank) for non-compliance with certain directions issued by RBI on ‘Know your Customer (KYC) norms’. 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 56 of the Banking Regulation Act, 1949. 

The Reserve Bank of India (RBI) has, by an order dated July 03, 2024, imposed a monetary penalty of ₹25,000/- (Rupees Twenty-five thousand only) on Sivagangai District Central Co-operative Bank Limited, Sivagangai, Tamil Nadu (the bank) for non-compliance with the directions issued by the National Bank for Agriculture and Rural Development (NABARD) on ‘Frauds- Guidelines for Classification, Reporting and Monitoring’. 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 July 08, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Mahabaleshwar Urban Cooperative Bank Limited, Mahabaleshwar, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’ and ‘Prudential Norms on Capital Adequacy - UCBs’. 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated July 04, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Nagarik Sahakari Bank Limited, Bhiwandi, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’. 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated July 04, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Krishna Sahakari Bank Limited, Satara, Maharashtra (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 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 July 04, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Abasaheb Patil Rendal Sahakari Bank Limited, Rendal, Maharashtra (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 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 June 28, 2024, imposed a monetary penalty of ₹2.50 lakh (Rupees Two lakh Fifty thousand only) on Jilla Sahakari Kendriya Bank Maryadit, Chhattarpur, Madhya Pradesh (the bank), for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act). 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 56 of the BR Act.

The Reserve Bank of India (RBl) has, by an order dated June 28, 2024, imposed a monetary penalty of ₹2.50 lakh (Rupees Two lakh Fifty thousand only) on Pusad Urban Co-operative Bank Ltd., Pusad, Maharashtra (the bank), for contravention of specific directions issued by RBI under ‘Supervisory Action Framework (SAF) for Primary (Urban) Co-operative Banks (UCBs)’. 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 56 of the Banking Regulation Act, 1949

The Reserve Bank of India (RBI) has, by an order dated July 03, 2024, imposed a monetary penalty of ₹5,93,30,000/- (Rupees Five Crore Ninety Three Lakh and Thirty Thousand only) on The Mehsana Urban Co-operative Bank Ltd., Gujarat (the bank), for non-compliance with certain directions issued by RBI on ‘Loans and advances to directors and their relatives, and firms / concerns in which they are interested’, ‘Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs)’, ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters’, ‘Know Your Customer (KYC) Norms’ and ‘Donations to Trusts and Institutions where Directors, their relatives hold position or are interested’. This penalty has been imposed in exercise of powers conferred on RBI under 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 July 03, 2024 imposed a monetary penalty of ₹1,31,80,000 (Rupees One crore thirty one lakh eighty thousand only) on Punjab National Bank (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’, and ‘Reserve Bank of India (Know Your Customer (KYC) Direction, 2016’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and section 51(1) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated June 25, 2024, imposed a monetary penalty of ₹7.50 lakh (Rupees Seven lakh Fifty thousand only) on The Gujarat Rajya Karmachari Co-operative Bank Ltd., Ahmedabad, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Financial Statements - Presentation and Disclosures’, ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’, ‘Co-operative Banks - Interest Rate on Deposits’ and contravention of the provisions of sub-section (2) of section 35 read with section 56 of the Banking Regulation Act, 1949 (BR Act). 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 as well as provisions of section 47A(1)(a) read with sections 46(2) and 56 of the BR Act.

The Reserve Bank of India (RBI) has, by an order dated June 26, 2024, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh and fifty thousand only) on The Rohika Central Co-operative Bank Limited, Madhubani, Bihar (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 vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated June 27, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The National Co-operative Bank Ltd., Mumbai, Maharashtra (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 vested in RBI, conferred under 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 June 26, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Bank Employees’ Co-operative Bank Ltd., West Bengal (the bank) for 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, conferred under 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 June 24, 2024, imposed a monetary penalty of ₹29.60 lakh (Rupees Twenty-Nine lakh and Sixty thousand only) on The Hongkong and Shanghai Banking Corporation Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Credit Card, Debit Card and Rupee Denominated Co-branded Pre-paid Card operations of Banks’ reiterated in ‘Reserve Bank of India (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022’.This penalty has been imposed in exercise of powers vested in RBI conferred 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 June 21, 2024, imposed a monetary penalty of ₹25,000/- (Rupees Twenty-five thousand only) on The Hirasugar Employees’ Co-operative Bank Limited, Belagavi, Karnataka (the bank) for non-compliance with the directions issued by RBI 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 June 20, 2024, imposed a monetary penalty of ₹2,00,000/- (Rupees Two lakh only) on the National Insurance Employees’ Co-operative Credit & Banking Society Limited, Kolkata (the bank) for non-compliance with certain provisions of RBI directions on ‘Investments by Primary (Urban) Co-operative Banks’ and ‘Know your Customer (KYC) Direction, 2016’. 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 June 10, 2024, imposed a monetary penalty of ₹96.40 Lakh (Rupees Ninety Six Lakh and Forty Thousand only) on Sonali Bank PLC (the bank) for contravention of sub-section (1) of Section 15 of the Credit Information Companies (Regulation) Act, 2005 [CIC (R) Act] and the directions issued by RBI under the provisions of the CIC (R) Act on ‘Membership of Credit Information Companies (CICs)’, non-compliance with the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ and the directions issued by RBI on ‘Time-bound implementation and strengthening of SWIFT – related operational controls’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949 (BR Act) and Section 25(1)(iii) read with Section 23(4) of the CIC (R) Act.

The Reserve Bank of India (RBI) has, by an order dated June 11, 2024 imposed a monetary penalty of ₹1,45,50,000 (Rupees One Crore Forty Five Lakh Fifty Thousand only) on Central Bank of India (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’ and ‘Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and section 51(1) of the Banking Regulation Act, 1949.