The Reserve Bank of India (RBI) has, by an order dated September 21, 2023, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh Fifty thousand only) on The Ghatal Peoples Co-operative Bank Limited, West Bengal (the bank) for non-compliance with directions issued by RBI on ‘Membership of Credit Information Companies (CICs)’, ‘Exposure Norms and Statutory/Other Restrictions - UCBs’, ‘Reserve Bank of India – (Know Your Customer (KYC)) Directions, 2016’ and for contravention of the provisions of section 26-A of the Banking Regulation Act, 1949 (BR Act) read with directions issued by RBI on ‘The Depositor Education and Awareness Fund Scheme, 2014 –Section 26A of Banking Regulation Act, 1949 - Operational Guidelines’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47-A (1) (c) read with Sections 46 (4) (i) and 56 of the BR Act and Section 25 (1) (iii) read with Section 23 (4) of the Credit Information Companies (Regulation) Act, 2005.

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 bank with its customers.

The Reserve Bank of India (RBI) has, by an order dated September 19, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on District Central Co-operative Bank Limited, Supaul (the bank) for non-compliance with RBI directions on ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’. This penalty has been imposed in exercise of powers conferred on RBI 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 September 29, 2023, imposed a monetary penalty of ₹10,000/- (Rupees Ten thousand only) on The Manjeri Co-operative Urban Bank Ltd., Manjeri, Malappuram District, Kerala (the bank) for non-compliance with the directions issued by RBI on “Customer Protection - Limiting Liability of Customers of Cooperative Banks in Unauthorised Electronic Banking Transactions”, “Basic Cyber Security Framework for Primary (Urban) Co-operative Banks (UCBs)”, and “Comprehensive Cyber Security Framework for Primary (Urban) Co-operative Banks (UCBs)”. This penalty has been imposed in exercise of powers conferred on RBI 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 September 25, 2023, imposed a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on Indrayani Co-operative Bank Ltd., Pimpri, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’ and ‘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 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 October 19, 2023, imposed a monetary penalty of ₹13.30 lakh (Rupees Thirteen lakh Thirty thousand only) on SVC Co-operative Bank Ltd., Mumbai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts’. 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 October 17, 2023, imposed a monetary penalty of ₹2.50 crore (Rupees Two crore Fifty lakh only) on L&T Finance 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. 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 September 18, 2023, imposed a monetary penalty of ₹6.00 lakh (Rupees Six lakh only) on Surat National Co-operative Bank Ltd., Surat, Gujarat (the bank) for contravention of directions issued by RBI on ‘Co-operative Banks - Interest Rate on Deposits’ and ‘Customer Protection - Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions’. This penalty has been imposed in exercise of powers conferred on RBI 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 imposed, by an order dated September 18, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Vadnagar Nagarik Sahakari Bank Ltd., Vadnagar, Gujarat (the bank) for contravention of 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 ‘Co-operative Banks - Interest Rate on Deposits. This penalty has been imposed in exercise of powers conferred on RBI 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 imposed, by an order dated September 18, 2023, a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on People’s Co-operative Bank Ltd., Dholka, 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’ and ‘Co-operative Banks - Interest Rate on Deposits’. 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) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated September 18, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Chhapi Nagarik Sahakari Bank Ltd., Banaskantha, 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 conferred on RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.