The Reserve Bank of India (RBI) has, by an order dated February 24, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Business Co-operative Bank Ltd., Nashik, 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 conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.

The Reserve Bank of India (RBI) has, by an order dated February 17, 2025, imposed a monetary penalty of ₹33.30 lakh (Rupees Thirty Three Lakh Thirty Thousand only) on Bombay Mercantile Co-operative Bank Ltd., Mumbai (the bank), for contravention of the provisions of Section 6(2) read with Section 56 of The Banking Regulation Act, 1949

The Reserve Bank of India (RBI) has, by an order dated February 24, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Lasalgaon Merchants Co-operative Bank Ltd., Nashik, Maharashtra (the bank) for non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Cla

The Reserve Bank of India (RBI) has, by an order dated February 18, 2025, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on The Guntur District Co-operative Central Bank Ltd., Andhra Pradesh (the bank) for contravention of provisions of Section 31 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 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 February 18, 2025, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Gulbarga and Yadgir District Co-operative Central Bank Ltd., Karnataka (the bank) for non-compliance with certain directions issued by the National Bank for Agriculture and Rural Development (NABARD) in exercise of powers conferred under Section 27(3) read with Section 56 of the Banking Regulation Act, 1949 (BR Act) on ‘Offsite Surveillance System-Revision of Due dates for Submission of OSS/FMS Returns’. 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.

The Reserve Bank of India (RBI) has, by an order dated February 19, 2025, imposed a monetary penalty of ₹25,000/- (Rupees Twenty Five Thousand only) on Mahila Sahakari Bank Ltd., Dist. Vadodara, Gujarat (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 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 (RBI) has, by an order dated February 20, 2025, imposed a monetary penalty of ₹6.20 lakh (Rupees Six Lakh Twenty Thousand only) on Asirvad Micro Finance Limited (the company) for non-compliance with certain provisions of the ‘Master Direction - Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022’, and ‘Appointment of Internal Ombudsman by Non-Banking Financial Companies’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under 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 February 17, 2025, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh fifty thousand only) on JM Financial Home Loans 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 February 20, 2025, imposed a monetary penalty of ₹39.00 lakh (Rupees Thirty nine lakh only) on Citibank N.A. (the bank) for non-compliance with certain directions issued by RBI on ‘Large Exposures Framework’ and ‘Furnishing of Credit Information to Credit Information Companies (CICs). 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 the Banking Regulation Act, 1949 and Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005.

The Reserve Bank of India (RBl) has, by an order dated February 13, 2025, imposed a monetary penalty of ₹1.10 lakh (Rupees One Lakh Ten Thousand only) on Shree Balaji Urban Co-operative Bank Ltd., Satna, Madhya Pradesh (the bank), for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending (PSL) - Targets and Classification’ and specific directions issued by RBI on making contribution to Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL. 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.