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.

The Reserve Bank of India (RBI) has, by an order dated May 9, 2024, imposed a monetary penalty of ₹3,10,000/- (Rupees Three lakh Ten thousand only) on Belstar Microfinance 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 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 06, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Thoothukudi District Central Co-operative Bank Ltd., Thoothukudi, 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 April 09, 2024, imposed a monetary penalty of ₹1,50,000/- (Rupees One lakh Fifty Thousand only) on Odisha Gramya Bank (the bank) for non-compliance with the directions issued by RBI on ‘Strengthening of Prudential Norms - Provisioning, Asset Classification and Exposure Limit’ and ‘Regional Rural Banks - Income Recognition, Asset Classification and Provisioning Norms - Non-Performing Assets (NPAs)’.

The Reserve Bank of India (RBl) has, by an order dated April 26, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Udgir Urban Co-operative Bank Limited, Udgir (Maharashtra) (the bank) for non-compliance with the directions issued by RBI on ‘Exposure Norms & Statutory/Other Restrictions – UCBs and ‘Board of Directors – 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 23, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Lokmangal Co-operative Bank Limited, Solapur (the bank) for non-compliance with the directions issued by RBI on Know Your Customers (KYC). This penalty has been imposed in exercise of powers vested in RBI, conferred under 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 29, 2024, imposed a monetary penalty of ₹ 2.00 lakh (Rupees Two lakh only) on The Satara Sahakari Bank Limited, Mumbai, Maharashtra (the bank) for non-compliance with certain provisions of section 12(2) read with section 56 of the Banking Regulation Act, 1949 (BR Act) and directions issued by RBI on ‘Prudential Norms on Capital Adequacy - 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 BR Act.

The Reserve Bank of India (RBl) has, by an order dated April 10, 2024, imposed a monetary penalty of ₹75,000/- (Rupees Seventy-Five thousand only) on Indira Mahila Sahakari Bank Limited, Malegaon, Maharashtra (the bank) for non-compliance with certain provisions of RBI Directions on ‘Policy and Practice regarding Nominal Membership’ and ‘Exposure Norms & Statutory/ Other Restrictions - UCBs. 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 April 16, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Chitradurga District Co-operative Central Bank Limited, Chitradurga, Karnataka (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 (RBl) has, by an order dated April 12, 2024, imposed a monetary penalty of ₹0.50 lakh (Rupees Fifty thousand only) on Samarth Sahakari Bank Limited, Solapur, Maharashtra (the bank) for non-compliance with RBI directions on ‘Exposure Norms and Statutory/Other Restrictions -UCBs’. This penalty has been imposed in exercise of powers vested in RBI, conferred 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 April 16, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Central Co-operative Bank Limited, Bikaner, Rajasthan (the bank) for non-compliance with 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 47 A(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 NABARD with reference to its financial position as on March 31, 2022. Based on supervisory findings of non-compliance with NABARD 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, by an order dated April 17, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Vaish Co-operative Adarsh Bank Limited, New Delhi (the bank) for non-compliance with the directions issued by RBI on ‘Know Your Customer (KYC) Directions, 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 (RBl) has by an order dated April 03, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Bilaspur Nagrik Sahakari Bank Limited, Bilaspur (the bank) for non-adherence with the directions issued by RBI to Urban Co-operative Banks on ‘Exposure Norms & Statutory/Other Restrictions-UCBs’. This penalty has been imposed in exercise of powers vested in RBI, 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 02, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Sadbhav Nagarik Sahakari Bank Maryadit, Chhatarpur (the bank) for non-compliance with operational instructions 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 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 (RBl) has, by an order dated April 04, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Dr. Jaiprakash Mundada Urban Co-operative Bank Limited, Hingoli, Maharashtra (the bank) for non-compliance with the RBI Directions on ‘Management of Advances-UCBs’ and ‘Exposure Norms & Statutory/ Other Restrictions - UCBs. 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 April 03, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Bishnupur Town Cooperative Bank Ltd., West Bengal (the bank) for non-compliance with the directions issued by RBI on ‘Know Your Customer (KYC) Directions, 2016’. 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 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. After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia, that the charge of not adopting any system of periodic review of risk categorization of its accounts, at least once in six months was sustained, warranting imposition of monetary penalty.

The Reserve Bank of India (RBI) has imposed, by an order dated March 31, 2024, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Nagar Sahakari Bank Ltd. Gorakhpur (the bank) for non-compliance with the direction 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 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 01, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Panvel Co-operative Urban Bank Ltd., Raigad, Maharashtra (the bank) for non-compliance with directions issued 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 April 01, 2024, imposed a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on Ambarnath Jai Hind Co-operative Bank Limited, Ambarnath, Maharashtra (the bank) for non-compliance with certain provisions of RBI directions on ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’.

The Reserve Bank of India (RBI) has imposed, by an order dated March 31, 2024, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Fatehabad Central Cooperative Bank Limited, Fatehabad (the bank) for contravention of the provisions of 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 March 31, 2024, imposed a monetary penalty of ₹3.50 lakh (Rupees Three Lakh Fifty Thousand only) on Jogindra Central Co-operative Bank Ltd., Solan, Himachal Pradesh (the bank) for non-compliance with directions issued by 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 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 March 31, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The Nakodar Hindu Urban Co-operative Bank Limited, Nakodar (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 April 15, 2024, imposed a monetary penalty of ₹10 lakh (Rupees Ten lakh only) on NABFINS Limited, Bengaluru (the company), a subsidiary of NABARD, 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. 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 April 18, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on The Kangra Co-operative Bank Ltd., New Delhi (the bank) for non-compliance with the directions issued by RBI on ‘Basic Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs), and ‘Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) - A Graded Approach’. 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 imposed, by an order dated March 31, 2024, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on District Co-operative Bank Limited, Dehradun, Uttarakhand (the bank) for contravention of the provisions of section 20 (1)(b) 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 imposed, by an order dated March 30, 2024, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Rajdhani Nagar Sahkari Bank Limited, Lucknow (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, 1949.

The Reserve Bank of India (RBI) has, by an order dated April 16, 2024, imposed a monetary penalty of ₹43.30 lakh (Rupees Forty Three Lakh and Thirty Thousand only) on Rajkot Nagarik Sahakari Bank Ltd., Rajkot (the bank), for non-compliance with RBI directions on ‘Ban on loans and advances to directors and their relatives, and firms / concerns in which they are interested’, ‘Prohibition on opening of saving bank accounts in the names of certain bodies / organizations’ and ‘Maintenance of deposit accounts’. This penalty has been imposed in exercise of powers vested in RBI, conferred 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 imposed, by an order dated March 30, 2024, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Zila Sahakari Bank Ltd., Garhwal, Kotdwar, Uttarakhand (the bank) for contravention of the provisions of section 20(1)(b) and section 26A(2) read with section 56 of the Banking Regulation Act, 1949 (BR Act).

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 Omkar Nagreeya Sahkari Bank Ltd., Kanpur (the bank) for non-compliance with direction issued under ‘Supervisory Action Framework (SAF) for Primary (Urban) Co-operative Banks (UCBs)’.