The Reserve Bank of India (RBI) has imposed, by an order dated October 14, 2019, a monetary penalty of ₹ 75 lakh (Rupees Seventy Five Lakh) on Syndicate Bank (the bank) for non-compliance with the directions issued by RBI on (i) Frauds Classification and Reporting and (ii) Housing Sector: Innovative Housing Loan Products - Upfront disbursal of housing loans. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) rea

The Reserve Bank of India (RBI) has, by an order dated October 09, 2019, imposed a monetary penalty of ₹ 5 lakh on M/s Toyota Financial Services India Limited (company), for non-compliance with directions issued by RBI on ‘Monitoring of Frauds in NBFCs’. The penalty has been imposed in exercise of powers vested in 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 Indi

The Reserve Bank of India (RBI) has, by an order dated October 01, 2019, imposed a monetary penalty of ₹ One crore on United Overseas Bank Limited (the bank) for its failure to comply with the provisions of section 10B of the Banking Regulation Act, 1949 (the Act). This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A(1)(c) read with section 46(4)(i) of the Act, taking into account the failure of the bank to adhere to th

The Reserve Bank of India (RBI) has imposed, by order dated September 11, 2019, monetary penalty of ₹5 lakh on The Goa Urban Co-operative Bank Ltd., Panaji (the bank) for non-compliance with directions issued by RBI with respect to Supervisory Action Framework (SAF). The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, taking into accoun

The Reserve Bank of India (RBI) has imposed, by order dated September 11, 2019, monetary penalty of ₹2 lakh on the Mehmadabad Urban Peoples Co-operative Bank Ltd., Mehmadabad (the Bank) for non-compliance with directions issued by RBI on sanction of loans and advances to directors and KYC norms/ AML standards. The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Reg

The Reserve Bank of India (RBI) has, by an order dated July 31, 2019, imposed monetary penalty on eleven banks for non-compliance with certain provisions of “Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016”, as detailed below: Sl. No. Name of the bank Amount of penalty (₹ in crore) 1. Bank of Baroda 0.5 2. Corporation Bank 0.5 3. Federal Bank Limited 0.5 4. Indian Overseas Bank 1.0 5. Jammu & Kashmir B

The Reserve Bank of India (RBI) has imposed, by order dated July 25, 2019, monetary penalty of ₹ 10 lakh on Swarna Bharathi Sahakara Bank Niyamitha, Bengaluru (the bank) for non-compliance with directions issued by RBI on ‘collection of third party account payee cheques’. The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, taking into account

The Reserve Bank of India (RBI) has imposed, by an order dated July 31, 2019, monetary penalty of ₹ One Crore on Corporation Bank (the bank) for non-compliance with the directions issued by RBI on (i) Cyber Security Framework in Banks and (ii) Frauds Classification and Reporting by commercial banks and select FIs. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Ban

The Reserve Bank of India (RBI) has, by an order dated July 31, 2019, imposed monetary penalty on seven banks for non-compliance with certain provisions of directions issued by RBI on “Code of Conduct for Opening and Operating Current Accounts”, “Opening of Current Accounts by Banks - Need for Discipline”, “Discounting/ Rediscounting of Bills by Banks”, “Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016”, “E

The Reserve Bank of India (RBI) has imposed, by an order dated July 15, 2019, monetary penalty of ₹ 70 million on State Bank of India (the bank) for non-compliance with the directions issued by RBI on (i) Income Recognition and Asset Classification (IRAC) norms (ii) code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC), and (iii) fraud risk management and classification and report