The Reserve Bank of India (RBI) has, by an order dated April 21, 2023, imposed a monetary penalty of ₹13 lakh (Rupees Thirteen lakh only) on Bombay Mercantile Co-operative Bank Ltd., Mumbai (the bank) for contravention of the provisions of section 26-A read with section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers vested in RBI conferred under section 47 A (1) (c) read with sections 46 (4) (i) and 56 of the BR Ac

The Reserve Bank of India (RBI) has imposed, by an order dated April 18, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on Baran Nagrik Sahkari Bank Ltd., Baran, Rajasthan (the bank) for contravention of Section 35 A read with Section 56 of the Banking Regulation Act, 1949. 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 Regulation A

The Reserve Bank of India (RBI) has, by an order dated April 11, 2023, imposed a monetary penalty of ₹23.23 lakh (Rupees Twenty Three Lakh and Twenty Three Thousand only) on The Karnataka State Co-operative Apex Bank Ltd. (the bank), for non-compliance with the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016 as well as directions issued by RBI on ‘Membership of Credit Information Companies (CICs)’. This penalty has been imposed in exercise of powers

The Reserve Bank of India (RBI) has, by an order dated April 5, 2023 imposed a monetary penalty of ₹6.77 crore (Rupees Six crore seventy seven lakh only) on Mahindra & Mahindra Financial Services Limited, Mumbai (the company) for non-compliance with the "Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016” issued by RBI. This penalty has been imposed in exercise of powers vest

The Reserve Bank of India (RBI) has, by an order dated April 06, 2023 imposed a monetary penalty of ₹55.00 lakh (Rupees Fifty Five lakh only) on Indian Bank (the bank) 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 vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 51 (1) of the Banking Regulation Act, 19

The Reserve Bank of India (RBI) has, by an order dated April 06, 2023, imposed a monetary penalty of ₹10.50 lakh (Rupees Ten lakh fifty thousand only) on Muthoot Money Limited, Ernakulam, Kerala (the company) for non-compliance with certain provisions of the ‘Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016’. This 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 cla

The Reserve Bank of India (RBI) has, by an order dated March 29, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Jamnagar people’s Co-operative Bank Ltd., Jamnagar (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Income Recognition, Asset Classification and Provisioning Norms for Loans and Advances’ and ‘Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016’. This penalty has been imp

The Reserve Bank of India (RBI) has imposed, by an order dated March 29, 2023, a monetary penalty of ₹4.00 lakh (Rupees Four Lakh only) on Shree Chhani Nagarik Sahakari Bank Limited, Vadodara (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Board of Directors of Urban Co-operative Banks - Professionalisation and their Role - Do's and Don'ts’, ‘Prudential Norms Income Recognition, Asset Classification, Provisioning and Other Related Matters’, ‘Loa

The Reserve Bank of India (RBl) has imposed, by an order dated March 24, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Vyapari Sahakari Bank Maryadit, Solapur (Maharashtra) (the bank) for contravention of/ non-adherence with the directions issued by RBI to Urban Co-operative Banks on Exposure Norms & Statutory/ Other Restrictions - UCBs and Board of Directors-UCBs. This penalty has been imposed in exercise of powers vested in RBI under the provi

The Reserve Bank of India (RBI) has, by an order dated March 23, 2023, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Shri Ganesh Sahakari Bank Ltd., Navi Sangvi, Pune (the bank) for contravention of directions issued by RBI on Know Your Customer (KYC) and Maintenance of Deposit Accounts. 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