The Reserve Bank of India (RBI) has, by an order dated October 31, 2023, imposed a monetary penalty of ₹42.78 lakh (Rupees Forty Two lakh Seventy Eight Thousand only) on Manappuram Finance Limited, Thrissur (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 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 October 30, 2023, imposed a monetary penalty of ₹20 lakh (Rupees Twenty lakh only) on Anand Rathi Global Finance Limited, Mumbai (the company), for non-compliance with certain provisions of the 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 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 October 10, 2023, imposed a monetary penalty of ₹3.50 lakh (Rupees Three lakh Fifty thousand only) on Malpur Nagarik Sahakari Bank Limited, Malpur, Dist. Aravalli, 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 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 15, 2023, imposed a monetary penalty of ₹3.20 lakh (Rupees Three lakh Twenty thousand only) on Early Salary Services Private Limited, Pune (the company) for non-compliance with certain provisions of the “Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016”. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 58G (1) (b) read with Section 58B (5) (aa) of the Reserve Bank of India Act, 1934.

The Reserve Bank of India (RBI) has, by an order dated October 09, 2023, imposed a monetary penalty of ₹25,000/- (Rupees Twenty-Five thousand only) on The Limbasi Urban Co-operative Bank Ltd., Limbasi, Dist. Kheda, 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 the directions issued by RBI on ‘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 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 12, 2023, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Jolarpet Co-operative Urban Bank Limited, Dist. Vellore, Tamil Nadu (the bank) for non-compliance with the directions issued by RBI on ‘Board of Directors - UCBs’ read with the directions issued by RBI on ‘Loans and advances to directors, their 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 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 06, 2023, imposed a monetary penalty of ₹4.00 lakh (Rupees Four lakh only) on Shree Lodra Nagarik Sahakari Bank Limited, Lodra, Dist. 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’ and ‘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 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 30, 2023, imposed a monetary penalty of ₹10 lakh (Rupees Ten lakh only) on Mercedes-Benz Financial Services India Private Limited (formerly known as Daimler Financial Services India Private Limited) (the company) for non-compliance with certain provisions of the 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 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 October 25, 2023, imposed a monetary penalty of ₹13.38 lakh (Rupees Thirteen lakh and thirty eight thousand only) on Kosamattam Finance Limited, Kottayam (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 Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005 (CIC (R) Act) and Section 58G (1)(b) read with Section 58B(5)(aa) of the Reserve Bank of India Act, 1934 (RBI Act).

The Reserve Bank of India (RBI) has, by an order dated October 30, 2023, imposed a monetary penalty of ₹30 lakh (Rupees Thirty lakh only) on Federal Bank Ltd. (the bank) for non-compliance with certain directions contained in ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 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 Section 46 (4) (i) of the Banking Regulation Act, 1949.