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RBI penalty News

28 Jul 2024

Why RBI Imposes Monetary Penalty On Three Payment System Operators?

The RBI has sent notices to the entities, asking them to explain why penalties should not be imposed for their non-compliance.

06 Apr 2023

RBI Imposes Penalty On Mahindra & Mahindra Financial Services, Indian Bank

The Reserve Bank carried out scrutiny of the Indian Bank in July 2020 based on a high-value fraud reported by the bank.

30 Aug 2022

RBI imposes penalty on 8 co-operative banks

RBI informed about the penalties through multiple statements. RBI said a Rs 55 lakh penalty has been imposed on The Visakhapatnam Co-operative Bank, Visakhapatnam, Andhra Pradesh. Besides, Rs 1 lakh fine has been imposed on The Kendrapara Urban Cooperative Bank, Kendrapara and Rs 5 lakh on the National Urban Co-operative Bank Limited, Pratapgarh, Uttar Pradesh.

09 Aug 2022

RBI imposes penalty on 8 banks, got account in any of THESE?

The penalties imposed on these eight banks ranged from Rs 1 lakh to Rs 40 lakh. Furthermore, the RBI imposed a monetary penalty on Spandana Sphoorty Financial, an NBFC.

Kotak Mahindra Bank

04 Jul 2022

RBI imposes penalty on Kotak Mahindra Bank, IndusInd Bank

RBI has also imposed penalties on four co-operative banks. A penalty of Rs 1.05 crore has been imposed on Kotak Mahindra Bank. RBI said a penalty of Rs 1 crore has been imposed on IndusInd Bank for non-compliance with KYC.

04 Apr 2022

RBI imposes penalties on 3 co-operative banks

The central bank said a penalty of Rs 2 lakh has been imposed on Kokan Mercantile Co-operative Bank Ltd., Mumbai for similar non-compliance. RBI has also imposed a penalty of Rs 1 lakh on the Samata Cooperative Development Bank Limited. RBI said the penalities are based on deficiencies in regulatory compliance.

Union Bank of India

29 Nov 2021

RBI imposes Rs 1 crore penalty on Union Bank of India

It has imposed a monetary penalty of Rs 1 Crore on Union Bank of India. 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 Banking Regulation Act, 1949 (the Act). RBI issued a notice to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with the RBI directions.

Reserve Bank of India

26 Nov 2021

RBI imposes Rs 1 crore penalty on SBI; should customers worry?

Statutory Inspections for Supervisory Evaluation (ISE) of SBI was conducted with reference to its financial positions. A show cause notice was issued to the bank. However, customers don't need to worry.

20 Oct 2021

RBI slaps Rs 1 crore penalty on Paytm Payments Bank, here’s why

RBI has slapped a penalty of Rs 1 crore on Paytm Payments Bank Limited. RBI added that on examination of PPBL’s application for issue of final Certificate of Authorisation. Besides Paytm Payments Bank, the RBI has also penalised Western Union Financial Services Inc (WUFSI).

18 Oct 2021

RBI slaps Rs 1 crore penalty on State Bank of India; here's why

RBI slaps Rs 1 crore fine on SBI. It also issued a notice to the lender, instructing it to show cause why a penalty should not be imposed on it for failing to comply with the stated directives.

27 Aug 2021

RBI imposes Rs 6 crore penalty on 4 White Label ATM operators

A penalty of Rs 2 crore each has been imposed on BTI Payments and Hitachi Payment Services, and Rs 1 crore each on Tata Communications Payment Solutions Ltd and Vakrangee Ltd. RBI said on-site inspection of Transaction Analysts (India) revealed non-compliance with directions issued by it on escrow account balances, limits prescribed for certain transactions, and KYC.

11 Aug 2021

Starting October 1, RBI to levy penalty on ATMs that run out of cash

The RBI will start imposing penalty on banks in case the ATMs remain out-of-cash for a total period of 10 hours in a month from October 1, 2021, onwards. The Reserve Bank of India has a mandate to issue banknotes and the banks are fulfilling this mandate by dispensing banknotes to the public through their wide network of branches and ATMs. The Scheme will be effective from October 01, 2021.

18 May 2021

RBI imposes Rs 1 lakh penalty on Priyadarshini Mahila Nagari Sahakari Bank

Subsequently, a notice was issued to the bank, advising it to show cause as to why a penalty should not be imposed for non-compliance with the directions. It, however, added the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

03 May 2021

RBI imposes Rs 3 crore penalty on ICICI Bank

Giving details, the RBI said an examination of correspondence in the matter of shifting of securities from one category to another revealed, inter alia, contravention of the directions. A notice was issued to ICICI Bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions issued by the RBI.

13 Feb 2019

RBI slaps penalties on 7 banks for violation of norms

A penalty of Rs 1 crore has been imposed on Andhra Bank for similar violations.

15 Jan 2019

RBI slaps Rs 1-cr penalty on Bajaj Finance

Bajaj Finance is into businesses such as consumer finance, SME finance and commercial lending.

Reserve Bank of India

27 Apr 2017

RBI penalises HSBC, Kotak over violation FEMA

The Reserve Bank of India (RBI) on Wednesday imposed monetary penalty on the Hongkong and Shanghai Banking Corporation Ltd. and the Kotak Mahindra Bank for violation of instructions on reporting requirements of FEMA 1999.

26 Jul 2016

RBI slaps penalty on UCO Bank, Allahabad Bank, Bank of India

RBI has imposed penalty of Rs 2 crore each on Allahabad Bank and UCO Bank, and Rs 1 crore on Bank of India for violation of anti-money laundering norms.

25 Jul 2014

RBI penalises ICICI Bank, Canara Bank, Yes Bank & 9 others

ICICI Bank, Axis Bank, Canara Bank, IDBI Bank, Yes Bank and seven other banks have been penalised in the case of Deccan Chronicle Holdings, the RBI said today.

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