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 (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 Financial Action Task Force (FATF) vide public document ‘High-Risk Jurisdictions subject to a Call for Action’ – June 2024, has called on its members and other jurisdictions to refer to the statement on Democratic People’s Republic of Korea (DPRK) and Iran adopted in February 2020 which remains in effect. Further, Myanmar was added to the list of High-Risk Jurisdictions subject to a Call for Action in the October 2022 FATF plenary and FATF has called on its members and other jurisdictions to apply enhanced due diligence measures proportionate to the risk arising from Myanmar. When applying enhanced due diligence measures, countries have been advised to ensure that flows of funds for humanitarian assistance, legitimate NPO activity and remittances are not disrupted. The status of Myanmar in the list of countries subject to a call for action, remains unchanged.

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.

The Reserve Bank of India (RBI) has, by an order dated May 28, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Gujarat Ambuja 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' read with 'Loans and Advances to directors etc. - directors as surety/guarantors – Clarification'. 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 07, 2024, imposed a monetary penalty of ₹ 2.00 lakh (Rupees Two Lakh only) on Nandani Sahakari Bank Ltd., Kolhapur (the bank) for non-compliance with directions issued by RBI on ‘Gold Loan – Bullet Repayment – UCBs’ and ‘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 Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated June 11, 2024, imposed a monetary penalty of ₹75,000/- (Rupees Seventy Five Thousand only) on Ramanagaram Urban Co-operative Bank Limited, Karnataka (the bank) for non-compliance with certain provisions of RBI directions on ‘Exposure Norms & 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 11, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on The Kancheepuram Central Co-operative Bank Ltd., Kancheepuram, 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 June 05, 2024, imposed a monetary penalty of ₹25,000/- (Rupees Twenty-five thousand only) on Vishwakalyan Sahakara Bank Niyamit, Hubli, Karnataka (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 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 05, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Prakasam District Co-operative Central Bank Ltd, Ongole, Andhra Pradesh (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 June 03, 2024, imposed a monetary penalty of ₹ 1.00 lakh (Rupees One Lakh only) on India Home Loan Limited (the company) for non-compliance with certain provisions of ‘The Housing Finance Companies (NHB) Directions,2010’ issued by the National Housing Bank (NHB) read with Master Direction on ‘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 clause (b) of sub-section (1) of Section 52A read with clause (aa) of sub-section (3) of Section 49 of the National Housing Bank Act, 1987.

The Reserve Bank of India (RBI) has, by an order dated June 03, 2024, imposed a monetary penalty of ₹1,00,000/- (Rupees One Lakh only) on The Angul United Central Co-operative Bank Ltd., Odisha (the bank) for non-compliance with the Master Direction issued by RBI on ‘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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated May 22, 2024, imposed a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on The Bavla Nagarik Sahakari Bank Ltd., Dist. 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’ read with ‘Loans and Advances to directors etc. - directors as surety/guarantors – Clarification’ and ‘Master Direction - 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 May 22, 2024, imposed a monetary penalty of ₹75,000/- (Rupees Seventy Five Thousand only) on The Ron Taluka Primary Teachers Co-operative Bank Ltd., Ron, Karnataka (the bank) for non-compliance with certain directions issued by RBI on ‘Frauds monitoring and reporting mechanism’ and ‘Policy and Practice regarding Nominal Membership’. 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 April 10, 2024, imposed a monetary penalty of ₹88.70 lakh (Rupees Eighty Eight Lakh Seventy Thousand only) on SBM Bank (India) Ltd. (the bank) for non-compliance with licensing conditions imposed by the RBI, and specific RBI directions to stop undertaking Liberalised Remittance Scheme (LRS) transactions with immediate effect. 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) of the Banking Regulation Act, 1949.

The Reserve Bank of India has imposed a monetary penalty of Rs. 36,38,000/- (Rupees Thirty Six Lakh Thirty Eight Thousand only) on The HSBC Limited in exercise of powers vested in the Reserve Bank under the provisions of Section 11(3) of FEMA, 1999, for violation of Reserve Bank of India’s instructions on reporting requirements under Liberalised Remittance Scheme of FEMA 1999.

The Reserve Bank of India (RBI) has, by an order dated May 21, 2024, imposed a monetary penalty of ₹1.00 crore (Rupees One Crore only) on ICICI Bank Ltd. (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’. 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 May 17, 2024, imposed a monetary penalty of ₹91.00 lakh (Rupees Ninety One Lakh only) on Yes Bank Ltd. (the bank) for non-compliance with certain directions issued by RBI on 'Customer Service in Banks', and ‘Un-authorized Operation of lnternal/Office Accounts’. 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 May 24, 2024, imposed a monetary penalty of ₹20.00 lakh (Rupees Twenty Lakh only) on Bharati Sahakari Bank Limited, Pune (the bank) for non-compliance with certain directions issued by RBI on ‘Frauds monitoring and reporting mechanism’. 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 May 22­, 2024, imposed a monetary penalty of ₹25.00 lakh (Rupees Twenty Five Lakh only) on The Greater Bombay Co-operative Bank Limited, Mumbai (the bank) 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 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 May 22, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Gandhinagar Urban Co-operative Bank Ltd., Gandhinagar, 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’ read with ‘Loans and Advances to directors etc. - directors as surety/guarantors – Clarification’. 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 May 22, 2024, imposed a monetary penalty of ₹3,10,000/- (Rupees Three Lakh Ten Thousand only) on Hero FinCorp 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 RBI, relating to Fair Practices Code. 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 May 14, 2024, imposed a monetary penalty of ₹2.50 lakh (Rupees Two Lakh Fifty Thousand only) on Noida Commercial Co-operative Bank Ltd., Ghaziabad, Uttar Pradesh (the bank) for contravention of the provisions of section 26 A (2) read with section 56 of the Banking Regulation Act, 1949 (BR Act) and for non-compliance with the directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms/ concerns in which they are interested’ and ‘Master Circular on Frauds- Classification and Reporting’. 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 May 14, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh Only) on The Bhadohi Urban Co-operative Bank Ltd., Bhadohi, Uttar Pradesh (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 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 May 14, 2024, imposed a monetary penalty of ₹7.00 lakh (Rupees Seven lakh only) on The Urban Co-operative Bank Ltd., Budaun (the bank) for contravention of the provisions of section 26 A (2) read with section 56 of the Banking Regulation Act, 1949 (BR Act), for non-compliance with the specific directions issued by RBI under Supervisory Action Framework (SAF) and 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 BR Act.

The Reserve Bank of India (RBI) has, by an order dated May 14, 2024 imposed a monetary penalty of ₹59,10,000 (Rupees Fifty Nine Lakh Ten Thousand only) on Karnataka Bank Ltd. (the bank) for non-compliance with certain directions issued by RBI on ‘Interest Rate on Deposits’ and ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances’. 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) of the Banking Regulation Act, 1949

The Reserve Bank of India (RBI) has, by an order dated April 26, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The Sutex Co-operative Bank Ltd., Surat, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) – A Graded Approach’ and ‘Levy of Penal Charges on Non-Maintenance of Minimum Balances in Inoperative Accounts’. 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 May 8, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Bapunagar Mahila Co-operative Bank Ltd., Ahmedabad, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (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 (RBl) has by an order dated April 25, 2024, imposed a monetary penalty of ₹2.50 lakh (Rupees Two lakh Fifty thousand only) on The Vaijapur Merchants Co-operative Bank Ltd., Vaijapur, Maharashtra (the bank), for contravention of 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 section 46(4)(i) and section 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated May 09, 2024, imposed a monetary penalty of ₹1,50,000/- (Rupees One Lakh Fifty Thousand only) on Sundaram Home Finance Limited (the company) for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Direction, 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 statutory inspection of the company was conducted by the National Housing Bank 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 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.