The Reserve Bank of India (RBI) has imposed, by an order dated September 14, 2021, a monetary penalty of ₹5.00 lakh (Rupees five lakh only) on The Kuppam Co-operative Town Bank Ltd., Kuppam, Chittoor District., Andhra Pradesh (the bank) for contravention of / non-compliance with certain provisions of the directions issued by RBI contained in the Master Circular on Income Recognition, Asset Classification, Provisioning and other related Matters – UCB’s dated July 01, 2

The Reserve Bank of India (RBI) has imposed monetary penalty of ₹2.44 lakh (Rupees two lakh forty four thousand only) on Spice Money Limited (the entity) for contravention of / non-compliance with certain provisions of the directions issued by RBI contained in the Master Direction on Issuance and Operation of PPIs in India dated October 11, 2017 (updated as on November 17, 2020). The penalty has been imposed in exercise of powers vested in RBI under the provisions of

The Reserve Bank of India (RBI) has imposed, by an order dated September 08, 2021, a monetary penalty of ₹5.00 lakh (Rupees five lakh only) on The Swasakthi Mercantile Cooperative Urban Bank Ltd., Vijayawada (the bank) for contravention of / non-compliance with certain provisions of the directions issued by RBI contained in the Master Circular on Board of Directors – UCBs dated July 1, 2015. This penalty has been imposed in exercise of powers vested in RBI under the p

The Reserve Bank of India (RBI) has, by an order dated September 08, 2021, imposed a monetary penalty of ₹40,000 (Rupees Forty Thousand only) on Shikshak Sahakari Bank Ltd., Nagpur, Maharashtra (the bank) for non-compliance with regulatory directions issued by RBI contained in its directive on “Membership of Credit Information Companies (CICs)” and the provisions of Credit Information Companies Rules, 2006 (CIC Rules). This penalty has been imposed in exercise of powe

The Reserve Bank of India (RBI) has, by an order dated September 07, 2021, imposed a monetary penalty of ₹3.00 lakh (Rupees three 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 ‘Loans and advances to directors etc. – directors as surety/guarantors – Clarification’. This penalty has been imposed i

The Reserve Bank of India (RBI) has imposed, by an order dated September 06, 2021, a monetary penalty of ₹2.00 lakh (Rupees two lakh only) on Sarvodaya Co-operative Bank Ltd., Bhandup (W), Mumbai (the bank) for contravention of/non-compliance with directions issued by RBI on Know Your Customers (KYC). 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

The Reserve Bank of India (RBl) has imposed, by an order dated September 03, 2021, a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Akola District Central Co-operative Bank Limited, Akola, Maharashtra (the bank) for non-compliance with certain provisions of the directions issued by RBI contained in the Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016. This penalty has been imposed in exercise of powers vested in RBI under the provisions

The Reserve Bank of India (RBI) has, by an order dated September 02, 2021, imposed a monetary penalty of ₹50 lakh (Rupees fifty lakh only) on Bombay Mercantile Co-operative Bank Ltd., Mumbai (the bank) for non-compliance with directions issued by RBI contained in in the Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016 and specific directions dated March 05, 2018 and April 11, 2018 issued by RBI under the Supervisory Action Framew

The Reserve Bank of India (RBI) has, by an order dated September 02, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on The Kosamba Mercantile Co-operative Bank Ltd., Kosamba, Dist. Surat (Gujarat) (the bank) for non-compliance with directions issued by RBI contained in the Circular on ‘Loans and advances to directors, relatives and firms / concerns in which they are interested’ dated April 29, 2003. This penalty has been imposed in exercise of p

The Reserve Bank of India (RBI) has imposed, by an order dated September 01, 2021, a monetary penalty of ₹25 lakh (Rupees Twenty five lakh only) on Axis Bank Limited (the bank) for contravention of/non-compliance with certain provisions of directions issued by RBI contained in the Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016. The penalty has been imposed in exercise of powers vested in RBI under provisions of section 47A(1)(c) read with section 4