The Reserve Bank of India (RBI) has, by an order dated October 31, 2023, imposed a monetary penalty of ₹1.00 Crore (Rupees One crore only) on Indian Overseas Bank (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated November 02, 2023 imposed a monetary penalty of ₹4.34 crore (Rupees Four crore and thirty four lakh only) on Bank of Baroda (the bank) for non-compliance with certain directions issued by RBI on ‘Creation of a Central Repository of Large Common Exposures - Across Banks’ dated September 11, 2013 read with ‘Central Repository of Information on Large Credits (CRILC) –The Reserve Bank of India (RBI) has, by an order dated November 02, 2023 imposed a monetary penalty of ₹4.34 crore (Rupees Four crore and thirty four lakh only) on Bank of Baroda (the bank) for non-compliance with certain directions issued by RBI on ‘Creation of a Central Repository of Large Common Exposures - Across Banks’ dated September 11, 2013 read with ‘Central Repository of Information on Large Credits (CRILC) –The Reserve Bank of India (RBI) has, by an order dated November 02, 2023 imposed a monetary penalty of ₹4.34 crore (Rupees Four crore and thirty four lakh only) on Bank of Baroda (the bank) for non-compliance with certain directions issued by RBI on ‘Creation of a Central Repository of Large Common Exposures - Across Banks’ dated September 11, 2013 read with ‘Central Repository of Information on Large Credits (CRILC) –

The Reserve Bank of India (RBI) has, by an order dated November 02, 2023, imposed a monetary penalty of ₹5.00 crore (Rupees Five crore only) on Citibank N.A. (the bank) for contravention of Section 26A of the Banking Regulation Act, 1949 (the BR Act) read with Paragraph 3 of ‘The Depositor Education and Awareness Fund Scheme, 2014 – Section 26A of Banking Regulation Act, 1949 – Operational Guidelines’, Section 10(1)(b)(ii) of the BR Act, and non-compliance with RBI Directions on ‘Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’ read with ‘Reserve Bank of India (Know Your Customer (KYC)) Direction, 2016’.

The Reserve Bank of India (RBI) has imposed, by an order dated October 25, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Porbandar Vibhagiya Nagarik Sahkari Bank Ltd., Porbandar, 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 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 October 30, 2023, a monetary penalty of ₹25,000/- (Rupees Twenty-five thousand only) on The Vejalpur Nagarik Sahkari Bank Ltd., Vejalpur, dist. Panchmahal, 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 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 October 13, 2023, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Sarvodaya Nagarik Sahakari Bank Ltd., Himmatnagar, 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 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 October 25, 2023, a monetary penalty of ₹2.50 lakh (Rupees Two lakh fifty thousand only) on Shri Mahila Sewa Sahakari Bank Ltd., Ahmedabad, 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)’ and ‘Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016’. 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 imposed, by an order dated October 13, 2023, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Sarvodaya Nagarik Sahakari Bank Ltd., Himmatnagar, 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 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 November 02, 2023, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh fifty thousand only) on Sappers Finance and Consultancy Pvt Ltd., Kolkata (the company) for non-compliance with the directions issued by RBI on (i) ‘Requirement for obtaining prior approval of RBI in cases of acquisition/transfer of control of Non-Banking Financial Companies (NBFCs)’; and (ii) ‘Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016’ read with directions issued by RBI on ‘Format of Statutory Auditors’ Certificate (SAC) to be submitted by NBFCs’. 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 lndia Act, 1934.

The Reserve Bank of India (RBI), by an order dated September 15, 2023, has imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Sangli Sahakari Bank Limited, Mumbai (the bank) for non-compliance with the directions issued by RBI on ‘Board of Directors-UCBs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated November 02, 2023, imposed a monetary penalty of ₹48.30 lakh (Rupees Forty-eight lakh thirty thousand only) on The Nasik Merchant’s Co-operative Bank Ltd., Nashik (the bank) for non-compliance with the directions issued by RBI on ‘Frauds in UCBs: Changes in Monitoring and Reporting mechanism’ and on ‘Maintenance of Deposit Accounts’. This penalty has been imposed in exercise of powers conferred on RBI under 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 November 02, 2023, imposed a monetary penalty of ₹48.30 lakh (Rupees Forty-eight lakh thirty thousand only) on The Nasik Merchant’s Co-operative Bank Ltd., Nashik (the bank) for non-compliance with the directions issued by RBI on ‘Frauds in UCBs: Changes in Monitoring and Reporting mechanism’ and on ‘Maintenance of Deposit Accounts’. This penalty has been imposed in exercise of powers conferred on RBI under 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 ₹25,000/- (Rupees Twenty five thousand only) on The Pudukkottai Co-operative Town Bank Ltd., Pudukkottai, Tamil Nadu (the bank) for non-compliance with the directions issued by RBI on ‘Board of Directors - 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 (AACS).

The Reserve Bank of India (RBI) has, by an order dated November 02, 2023, imposed a monetary penalty of ₹90.92 Lakh (Rupees Ninety lakh and ninety-two thousand only) on Axis Bank Ltd. (the bank) for non-compliance with certain directions issued by RBI on ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’, ‘Loans and Advances – Statutory a

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.