Enforcement

The Reserve Bank of India (RBI) has imposed, by an order dated August 17, 2023, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Kolhapur Urban Co-operative Bank Ltd., Kolhapur, Maharashtra (the bank) for non-compliance with directions issued by RBI on ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’. 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 (

The Reserve Bank of India (RBI) has imposed, by an order dated August 14, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Midnapore People’s Co-operative Bank Ltd., West Bengal (the bank) for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’ and ‘Know Your Customer (KYC) Direction, 2016’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47

The Reserve Bank of India (RBI) has imposed, by an order dated August 17, 2023, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Municipal Co-operative Bank Ltd., Mumbai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’. 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)

The Reserve Bank of India (RBI) has imposed, by an order dated August 17, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on Ratnagiri Urban Co-operative Bank Ltd., Ratnagiri, Maharashtra (the bank) for non-compliance with certain provisions of 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 of section 47 A (1) (c) read with section 46 (4) (i)

The Reserve Bank of India (RBI) has imposed monetary penalty of ₹30,50,000 (Rupees thirty lakh fifty thousand only) on Paul Merchants Finance Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (updated as on November 12, 2021). The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007. This ac

The Reserve Bank of India (RBI) has imposed, by an order dated August 14, 2023, a monetary penalty of ₹3.00 lakh (Rupees Three Lakh only) on Devika Urban Co-operative Bank Ltd., Udhampur, J & K (the bank) for non-compliance with the directions issued by RBI on sanction of loans and advances to directors, relatives and firms/concerns in which they are interested. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A

The Reserve Bank of India (RBI) has imposed, by an order dated August 10, 2023, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Dahanu Road Janata Cooperative Bank Ltd., Palghar, Maharashtra (the bank) for non-compliance with specific directions issued by RBI under the Supervisory Action Framework (SAF). 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 Sectio

The Reserve Bank of India (RBI) has imposed, by an order dated August 10, 2023, a monetary penalty of ₹4.00 lakh (Rupees Four Lakh only) on Walchand Nagar Sahakari Bank Ltd., Pune, Maharashtra (the bank) for non-compliance with certain provisions of the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016. 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 Section 56 o

The Reserve Bank of India (RBI) has imposed, by an Order dated August 11, 2023, a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on Shree Co-operative Bank Limited, Vadodara, Gujarat (the bank) for non-compliance with direction issued by RBI on ‘Loans and advances to directors, relatives, firms/concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with

The Reserve Bank of India (RBI) has imposed, by an order dated August 09, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Chiplun Urban Co-operative Bank Ltd., Chiplun, Maharashtra (the bank) for non-compliance with directions issued by RBI on ‘Management of Advances’ 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