The Reserve Bank of India (RBI) has imposed, by an order dated May 18, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on M/s Srestha Finvest Limited, Chennai, Tamil Nadu (the company) for non-compliance with directions issued by RBI with respect to requirement of obtaining prior approval from RBI in cases of acquisition/ transfer of control of Non-Banking Financial Companies (NBFCs) as applicable to Non-Banking Financial Company - Non-Systemically Impor

The Reserve Bank of India (RBI) has, by an order dated May 19, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Krishna Sahakari Bank Ltd., Satara (the bank) for contravention of directions issued by RBI on Maintenance of Deposit Accounts. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949 (the Act), taking

The Reserve Bank of India (RBI) has, by an order dated May 15, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The National Cooperative Bank Ltd., Mumbai (the bank) for contravention of directions issued by RBI on Maintenance of Deposit Accounts. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949 (the Act)

The Reserve Bank of India (RBI) has imposed, by an order dated May 18, 2023, a monetary penalty of ₹7.50 lakh (Rupees Seven lakh Fifty thousand only) on The Kanyakumari District Central Co-operative Bank Ltd., Nagercoil, Tamil Nadu (the bank) for non-compliance with directions issued by RBI on transfer of eligible funds to Depositor Education and Awareness Fund (DEA Fund) constituted as per section 26A read with section 56 of Banking Regulation Act, 1949 (AACS) and fo

The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time. The objective of introducing ₹2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of ₹2000 banknotes was stopped

The Reserve Bank of India (RBI) has imposed, by an order dated May 10, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Tripura Gramin Bank, Agartala, Tripura (the bank) for contravention of/non-adherence 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 (RBI) has imposed, by an order dated May 04, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Trichur Urban Co-operative Bank Ltd., Thrissur, Kerala (the bank) for non-compliance with directions issued by RBI on Management of Advance- UCBs. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act,

The Reserve Bank of India (RBI) has imposed, by an order dated April 26, 2023 a monetary penalty of ₹30,000/- (Rupees Thirty thousand only) on The Bantra Co-operative Bank Ltd., Howrah, West Bengal (the bank) for contravention of RBI directions to Urban Cooperative Banks on (i) ‘Exposure Norms and Statutory / Other Restrictions – UCBs’ and (ii) Know Your Customer (KYC) Directions, 2016. This penalty has been imposed in exercise of powers vested in RBI under the provis

The Reserve Bank of India (RBI) has imposed, by an order dated April 27, 2023, a monetary penalty of ₹10.00 lakh (Rupees Ten Lakh only) on The Sutex Co-operative Bank Ltd., Surat (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’ and ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’. This penalty has been imposed in exer

The Reserve Bank of India (RBI) has, by an order dated April 26, 2023, imposed a monetary penalty of ₹2.00 lakh (Rupees two lakh only) on Ambarnath Jaihind Co-operative Bank Ltd., Ambarnath(Maharashtra) (the bank) for non-compliance with the directions issued by RBI on ‘Know Your Customers’. This penalty has been imposed in exercise of powers vested in RBI conferred under section 47 A (1) (c) read with sections 46 (4) (i) and 56 of Banking Regulation Act, 1949 (BR Act