The Reserve Bank of India (RBI) has, by an order dated June 24, 2024, imposed a monetary penalty of ₹29.60 lakh (Rupees Twenty-Nine lakh and Sixty thousand only) on The Hongkong and Shanghai Banking Corporation Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Credit Card, Debit Card and Rupee Denominated Co-branded Pre-paid Card operations of Banks’ reiterated in ‘Reserve Bank of India (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022’.This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated June 21, 2024, imposed a monetary penalty of ₹25,000/- (Rupees Twenty-five thousand only) on The Hirasugar Employees’ Co-operative Bank Limited, Belagavi, Karnataka (the bank) for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory/Other Restrictions − UCBs’. 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 56 of the Banking Regulation Act, 1949

The Reserve Bank of India (RBI) has, by an order dated June 20, 2024, imposed a monetary penalty of ₹2,00,000/- (Rupees Two lakh only) on the National Insurance Employees’ Co-operative Credit & Banking Society Limited, Kolkata (the bank) for non-compliance with certain provisions of RBI directions on ‘Investments by Primary (Urban) Co-operative Banks’ and ‘Know your Customer (KYC) Direction, 2016’. 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated June 10, 2024, imposed a monetary penalty of ₹96.40 Lakh (Rupees Ninety Six Lakh and Forty Thousand only) on Sonali Bank PLC (the bank) for contravention of sub-section (1) of Section 15 of the Credit Information Companies (Regulation) Act, 2005 [CIC (R) Act] and the directions issued by RBI under the provisions of the CIC (R) Act on ‘Membership of Credit Information Companies (CICs)’, non-compliance with the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ and the directions issued by RBI on ‘Time-bound implementation and strengthening of SWIFT – related operational controls’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949 (BR Act) and Section 25(1)(iii) read with Section 23(4) of the CIC (R) Act.

The Reserve Bank of India (RBI) has, by an order dated June 11, 2024 imposed a monetary penalty of ₹1,45,50,000 (Rupees One Crore Forty Five Lakh Fifty Thousand only) on Central Bank of India (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’ and ‘Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and section 51(1) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated May 28, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Gujarat Ambuja 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 vested in RBI, conferred 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 June 07, 2024, imposed a monetary penalty of ₹ 2.00 lakh (Rupees Two Lakh only) on Nandani Sahakari Bank Ltd., Kolhapur (the bank) for non-compliance with directions issued by RBI on ‘Gold Loan – Bullet Repayment – UCBs’ and ‘Management of Advances – UCBs‘. This penalty has been imposed in exercise of powers vested in RBI, conferred 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 June 11, 2024, imposed a monetary penalty of ₹75,000/- (Rupees Seventy Five Thousand only) on Ramanagaram Urban Co-operative Bank Limited, Karnataka (the bank) for non-compliance with certain provisions of RBI directions on ‘Exposure Norms & Statutory/Other Restrictions-UCBs’. 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated June 11, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on The Kancheepuram Central Co-operative Bank Ltd., Kancheepuram, Tamil Nadu (the bank) for non-compliance with the directions issued by the National Bank for Agriculture and Rural Development (NABARD) on ‘Frauds - Guidelines for Classification, Reporting and Monitoring’. 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated June 05, 2024, imposed a monetary penalty of ₹25,000/- (Rupees Twenty-five thousand only) on Vishwakalyan Sahakara Bank Niyamit, Hubli, Karnataka (the bank) for non-compliance with certain directions issued by RBI on ‘Exposure Norms & Statutory/Other Restrictions-UCBs’. 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated June 05, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Prakasam District Co-operative Central Bank Ltd, Ongole, Andhra Pradesh (the bank) for non-compliance with the directions issued by the National Bank for Agriculture and Rural Development (NABARD) on ‘Frauds - Guidelines for Classification, Reporting and Monitoring’. 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 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated June 03, 2024, imposed a monetary penalty of ₹ 1.00 lakh (Rupees One Lakh only) on India Home Loan Limited (the company) for non-compliance with certain provisions of ‘The Housing Finance Companies (NHB) Directions,2010’ issued by the National Housing Bank (NHB) read with Master Direction on ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (b) of sub-section (1) of Section 52A read with clause (aa) of sub-section (3) of Section 49 of the National Housing Bank Act, 1987.

The Reserve Bank of India (RBI) has, by an order dated June 03, 2024, imposed a monetary penalty of ₹1,00,000/- (Rupees One Lakh only) on The Angul United Central Co-operative Bank Ltd., Odisha (the bank) for non-compliance with the Master Direction issued by RBI on ‘Know your Customer (KYC) Direction, 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 sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated May 22, 2024, imposed a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on The Bavla Nagarik Sahakari Bank Ltd., Dist. 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’ and ‘Master Direction - Know Your Customer (KYC) Direction, 2016’. 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 56 of the Banking Regulation Act, 1949

The Reserve Bank of India (RBI) has, by an order dated May 22, 2024, imposed a monetary penalty of ₹75,000/- (Rupees Seventy Five Thousand only) on The Ron Taluka Primary Teachers Co-operative Bank Ltd., Ron, Karnataka (the bank) for non-compliance with certain directions issued by RBI on ‘Frauds monitoring and reporting mechanism’ and ‘Policy and Practice regarding Nominal Membership’. 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 56 of the Banking Regulation Act, 1949. 

The Reserve Bank of India (RBI) has, by an order dated April 10, 2024, imposed a monetary penalty of ₹88.70 lakh (Rupees Eighty Eight Lakh Seventy Thousand only) on SBM Bank (India) Ltd. (the bank) for non-compliance with licensing conditions imposed by the RBI, and specific RBI directions to stop undertaking Liberalised Remittance Scheme (LRS) transactions with immediate effect. 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) of the Banking Regulation Act, 1949.

The Reserve Bank of India has imposed a monetary penalty of Rs. 36,38,000/- (Rupees Thirty Six Lakh Thirty Eight Thousand only) on The HSBC Limited in exercise of powers vested in the Reserve Bank under the provisions of Section 11(3) of FEMA, 1999, for violation of Reserve Bank of India’s instructions on reporting requirements under Liberalised Remittance Scheme of FEMA 1999.

The Reserve Bank of India (RBI) has, by an order dated May 21, 2024, imposed a monetary penalty of ₹1.00 crore (Rupees One Crore only) on ICICI Bank Ltd. (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 section 46(4)(i) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated May 17, 2024, imposed a monetary penalty of ₹91.00 lakh (Rupees Ninety One Lakh only) on Yes Bank Ltd. (the bank) for non-compliance with certain directions issued by RBI on 'Customer Service in Banks', and ‘Un-authorized Operation of lnternal/Office Accounts’. This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated May 24, 2024, imposed a monetary penalty of ₹20.00 lakh (Rupees Twenty Lakh only) on Bharati Sahakari Bank Limited, Pune (the bank) for non-compliance with certain directions issued by RBI on ‘Frauds monitoring and reporting mechanism’. 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 56 of the Banking Regulation Act, 1949.