The Reserve Bank of India (RBI) has, by an order dated February 13, 2024, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh and Fifty thousand only) on The Adinath Co-operative Bank Limited, Dist. Surat, 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 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 (RBl) has, by an order dated February 07, 2024, imposed a monetary penalty of ₹0.75 lakh (Rupees Seventy-Five thousand only) on Sri Satya Sai Nagrik Sahakari Bank Maryadit, Bhopal, Madhya Pradesh (the bank) for non-compliance with the directions issued by RBI on ‘Exposure Norms & Statutory/Other Restrictions - UCBs’. 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. 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 (RBl) has imposed, by an order dated February 08, 2024, a monetary penalty of ₹0.50 lakh (Rupees Fifty thousand only) on The Anjangaon Surji Nagari Sahakari Bank Limited, Anjangaon Surji, Maharashtra (the bank) for contravention of Directives and specific directions issued by RBI under sections 35(A)(1) and 36(1) read with section 56 of the Banking Regulation Act, 1949 (BR Act), respectively. 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 BR Act.

The Reserve Bank of India (RBI) has, by an order dated February 08, 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 non-compliance with the directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’. 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 08, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Shillong Co-operative Urban Bank Limited, Meghalaya (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 conferred on RBI under Section 47A (1) (c) read with Sections 46(4) (i) and 56 of the Banking Regulation Act, 1949. 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 January 19, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Navnirman 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 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 6, 2024, imposed a monetary penalty of ₹63.30 lakh (Rupees Sixty-Three Lakh and Thirty Thousand only) on Bombay Mercantile Co-operative Bank Ltd. (the bank) for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’, ‘Gold Loan – Bullet Repayment - UCBs’ and ‘Unclaimed Deposits and Inoperative/ Dormant Accounts in UCBs’. 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 February 6, 2024, imposed a monetary penalty of ₹43.30 lakh (Rupees Forty-Three Lakh and Thirty Thousand only) on Zoroastrian Co-operative Bank Ltd. (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts’, ‘Interest Rate on Deposits’ and ‘Frauds in UCBs: Changes in Monitoring and Reporting mechanism’. 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 imposed, by an order dated February 03, 2024, a monetary penalty of ₹6.00 lakh (Rupees Six lakh only) on The Nakodar Hindu Urban Cooperative Bank Ltd., Nakodar (the bank) for non-compliance with the directions issued by RBI on Income Recognition, Asset Classification, Provisioning and Other Related Matters (IRAC Norms) and specific directions issued by RBI under Supervisory Action Framework (SAF). 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 6, 2024 imposed a monetary penalty of ₹8.80 lakh (Rupees Eight lakh eighty thousand only) on Power Finance Corporation Limited, New Delhi (the company) for non-compliance with certain provisions of the RBI’s directions on ‘Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies’. 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 (RBI Act).