RBI imposes over Rs 60 lakh penalty on these two banks: Check names and reason
1 month, 1 week ago

RBI imposes over Rs 60 lakh penalty on these two banks: Check names and reason

India TV News  

The Reserve Bank of India has imposed penalties totalling Rs 68.1 lakh on Nainital Bank and Ujjivan Small Finance Bank for violations of regulatory norms. According to an official statement released on Friday, Nainital Bank Ltd faced a penalty of Rs 61.40 lakh for non-compliance with RBI’s guidelines on ‘Interest Rate on Advances’ and ‘Customer Service in Banks’. Further, RBI imposed a penalty of Rs 6.70 lakh on Ujjivan Small Finance Bank for non-compliance with certain directions issued by RBI on ‘Loans and Advances - Statutory and Other Restrictions’. RBI supersedes board of Mumbai-based New India Co-op Bank Meanwhile, a day after imposing several restrictions on city-based New India Co-operative Bank, the RBI on Friday superseded its board citing poor governance standards. ALSO READ: Big update on New India Co-operative Bank: RBI supersedes board for 12 months, appoints administrator

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History of this topic

Bank General Manager Arrested for Siphoning Rs 122 Crore
1 month ago

Bank General Manager Arrested for Siphoning Rs 122 Crore

Deccan Chronicle  

Mumbai: The economic offenses wing of Mumbai police on Saturday arrested Hitesh Mehta, former general manager and head of accounts of the New India Cooperative Bank, for allegedly siphoning Rs 122 crore from the bank. According to the complaint, Mehta, in his capacity as the general manager, withdrew a massive sum from the bank's accounts. On Thursday, the RBI had …

New India Co-operative Bank fraud: Mumbai Police arrests ex-GM for siphoning ₹122 crore amid RBI curbs
1 month ago

New India Co-operative Bank fraud: Mumbai Police arrests ex-GM for siphoning ₹122 crore amid RBI curbs

Live Mint  

New India Co-operative Bank fraud: The Mumbai police arrested Hitesh Pravinchand Mehta, former General Manager and Head of Accounts of the New India Cooperative Bank, for allegedly siphoning ₹122 crore from the lender. New India Co-operative Bank fraud: Mumbai Police arrests ex-GM Hitesh Mehta According to police, Mehta is accused of misappropriating funds while overseeing the bank's Dadar and Goregaon …

Big update on New India Co-operative Bank: RBI supersedes board for 12 months, appoints administrator
1 month, 1 week ago

Big update on New India Co-operative Bank: RBI supersedes board for 12 months, appoints administrator

India TV News  

The Reserve Bank of India on Friday superseded the Board of Directors of New India Co-operative Bank for a period of 12 months. Earlier on Thursday, the RBI imposed several restrictions on city-based New India Co-operative Bank, including on the withdrawal of funds by depositors, amid supervisory concerns. The Reserve Bank's Directions to New India Co-operative Bank, Mumbai came into …

RBI imposes Rs 4 lakh penalty on Odisha State Co-operative Bank for regulatory non-compliance
Trending News
1 month, 3 weeks ago

RBI imposes Rs 4 lakh penalty on Odisha State Co-operative Bank for regulatory non-compliance

New Indian Express  

BHUBANESWAR: The Reserve Bank of India has imposed a Rs 4 lakh penalty on Odisha State Co-operative Bank Ltd for non-compliance with certain provisions of Banking Regulation Act, 1949. Sources said, the fine has been imposed on OSCB Ltd for allegedly failing to dispose of certain non-banking assets and transfer eligible unclaimed amounts to the depositor education and awareness fund …

RBI imposes Rs 4 lakh penalty on Odisha State Co-operative Bank
Trending News
1 month, 3 weeks ago

RBI imposes Rs 4 lakh penalty on Odisha State Co-operative Bank

New Indian Express  

BHUBANESWAR: The Reserve Bank of India has imposed a penalty on Odisha State Co-operative Bank Ltd for non-compliance with certain provisions of the Banking Regulation Act, 1949. Sources said a penalty of Rs 4 lakh has been imposed on OSCB Ltd for allegedly failing to dispose of certain non-banking assets and transfer eligible unclaimed amounts to the depositor education and …

RBI imposes penalty on IndusInd Bank for regulatory compliance deficiencies
3 months ago

RBI imposes penalty on IndusInd Bank for regulatory compliance deficiencies

Hindustan Times  

A penalty of ₹27.30 lakh has been imposed on IndusInd Bank for non-compliance with certain provisions of norms related to 'interest rate on deposits', the Reserve Bank said on Friday. For failing to comply with specific rules pertaining to "interest rate on deposits," IndusInd Bank has been fined ₹ 27.30 lakh by the Reserve Bank. After considering the reply of …

RBI fines IndusInd Bank ₹27 lakh over non-compliance
3 months ago

RBI fines IndusInd Bank ₹27 lakh over non-compliance

Live Mint  

The Reserve Bank of India imposes a penalty of ₹27 lakh on IndusInd Bank for not complying with norms. “The Reserve Bank of India has, by an order dated December 18, 2024, imposed a monetary penalty of ₹27.30 lakh on IndusInd Bank Ltd. for non-compliance with certain provisions of ‘Reserve Bank of India Directions, 2016’,”the central bank said in statement …

RBI governor Shaktikanta Das's term likely to be extended further: Report
4 months ago

RBI governor Shaktikanta Das's term likely to be extended further: Report

Hindustan Times  

The central government is likely to extend the term of RBI governor Shaktikanta Das, news agency Reuters reported, quoting sources aware of the development. Reuters said the Finance Ministry, the Prime Minister's Office, and the central bank did not immediately respond to emails seeking comment. Das has also served as India’s Alternate Governor in the World Bank, Asian Development Bank, …

RBI alarmed at lakhs of bank accounts being used for fraud: Report
8 months, 1 week ago

RBI alarmed at lakhs of bank accounts being used for fraud: Report

Live Mint  

The Reserve Bank of India expressed its surprise at some banks having lakhs of accounts that are used for fraudulent transactions and evergreening loans, reported Business Standard. We found certain banks having lakhs of such accounts with apparently no valid reason,” RBI Deputy Governor Swaminathan J said on Tuesday in his address to banks, with chief financial officers and auditors …

RBI imposes 1.45 crore fine on Central Bank of India, 96.4 lakh fine on Bangladesh's Sonali Bank
9 months ago

RBI imposes 1.45 crore fine on Central Bank of India, 96.4 lakh fine on Bangladesh's Sonali Bank

Hindustan Times  

The Reserve Bank of India imposed a fine of ₹1.45 crore on the Central Bank of India and ₹96.4 lakh on Sonali Bank PLC for non-compliance issues including loans and advances and Know Your Customer norms, PTI reported. Representational The Central Bank of India was fined ₹1.45 crore for sanctioning a working capital demand loan to a corporation against amounts …

RBI Imposes Rs 1.45-Crore Penalty on Central Bank of India; Details Here
9 months, 1 week ago

RBI Imposes Rs 1.45-Crore Penalty on Central Bank of India; Details Here

News 18  

The Reserve Bank of India on Friday, June 14, imposed a penalty of Rs 1.45 crore on Central Bank of India for non-compliance with certain RBI norms. “The Reserve Bank of India has, by an order dated June 11, 2024, imposed a monetary penalty of Rs 1,45,50,000 on Central Bank of India for non-compliance with certain directions issued by RBI …

RBI Imposes Rs 1.91-Crore Penalties on Yes Bank, ICICI Bank For Non-Compliance With Norms
9 months, 3 weeks ago

RBI Imposes Rs 1.91-Crore Penalties on Yes Bank, ICICI Bank For Non-Compliance With Norms

News 18  

The Reserve Bank of India has imposed a penalty of Rs 1 crore on ICICI Bank, and Rs 91 lakh on Yes Bank for non-compliance with norms. “The Reserve Bank of India has, by an order dated May 21, 2024, imposed a monetary penalty of ₹1.00 crore on ICICI Bank Ltd. for non-compliance with certain directions issued by RBI on …

RBI imposes ₹2.49 crore penalty on Dhanlaxmi Bank, Punjab and Sind Bank and ESAF Small Finance Bank
1 year, 2 months ago

RBI imposes ₹2.49 crore penalty on Dhanlaxmi Bank, Punjab and Sind Bank and ESAF Small Finance Bank

The Hindu  

The Reserve Bank on Friday said it has imposed penalties totalling ₹2.49 crore on three banks, including Dhanlaxmi Bank and Punjab and Sind Bank, for contravention of regulatory norms. A penalty of ₹1.20 crore has been slapped on Dhanlaxmi Bank for non-compliance with certain directions on 'Loans and Advances — Statutory and Other Restrictions', KYC and certain norms related to …

RBI imposes fine on 3 banks for non-compliances, check details
1 year, 2 months ago

RBI imposes fine on 3 banks for non-compliances, check details

Live Mint  

The Reserve Bank of India on 12 January imposed monetary penalties, of varying degrees, against ESAF Small Finance Bank, Dhanlaxmi Bank, and Punjab and Sind Bank over various non-compliances. A penalty of ₹1.20 crore has been slapped on Dhanlaxmi Bank for non-compliance with certain directions on 'Loans and Advances – Statutory and Other Restrictions', KYC, and certain norms related to …

RBI imposes monetary penalty on five co-operative banks. Details here
1 year, 2 months ago

RBI imposes monetary penalty on five co-operative banks. Details here

Live Mint  

The Reserve Bank of India has imposed monetary penalties on five co-operative banks for deficiencies in regulatory compliance. The co-operative banks that faced the central bank's action are Navsarjan Industrial Co-operative Bank Ltd, Mehsana Jilla Panchayat Karmachari Co-operative Bank Ltd, Halol Urban Co-operative Bank Ltd, Stambhadri Co-operative Urban Bank Ltd and Subramanianagar Co-operative Urban Bank Ltd. The Reserve Bank imposed …

RBI penalises ₹10.34 crore on Citibank, BoB, IOB for non-compliance
1 year, 3 months ago

RBI penalises ₹10.34 crore on Citibank, BoB, IOB for non-compliance

Hindustan Times  

The Reserve Bank on Friday imposed penalties totalling ₹10.34 crore on Citibank, Bank of Baroda, and Indian Overseas Bank for contravention of various regulatory norms. The highest penalty of ₹5 crore has been imposed on Citibank NA for non-compliance of norms related to depositor education and awareness fund scheme, and code of conduct on outsourcing of financial services, the RBI …

RBI Imposes Rs 90.92 Lakh Penalty on Axis Bank, Rs 42.78 Lakh Fine on Manappuram Finance
1 year, 4 months ago

RBI Imposes Rs 90.92 Lakh Penalty on Axis Bank, Rs 42.78 Lakh Fine on Manappuram Finance

News 18  

The Reserve Bank of India on Thursday imposed a penalty of Rs 90.92 lakh on Axis Bank for non-compliance with its certain directions. The RBI has also slapped a fine of Rs 42.78 lakh on Manappuram Finance Ltd. “The Reserve Bank of India has, by an order dated November 02, 2023, imposed a monetary penalty of Rs 90.92 lakh on …

RBI imposes monetary penalty on five co-operative banks. Details here
1 year, 5 months ago

RBI imposes monetary penalty on five co-operative banks. Details here

Live Mint  

The Reserve Bank has imposed monetary penalties on five co-operative banks for deficiencies in regulatory compliance. These co-operative banks are: SBPP Co-operative Bank Ltd, The Sahayadri Sahakari Bank Ltd, Rahimatpur Sahakari Bank Ltd, The Gadhinglaj Urban Co-operative Bank Ltd and The Kalyan Janata Sahakari Bank Ltd. The Reserve Bank imposed a monetary penalty of ₹13 lakh on SBPP Co-operative Bank …

RBI imposes fines on Vakrangee, LIC Housing for violating norms
2 years, 4 months ago

RBI imposes fines on Vakrangee, LIC Housing for violating norms

India TV News  

Highlights RBI imposed monetary penalty of Rs 1,76,00,000 on Vakrangee Ltd for non-compliance The regulator has imposed a Rs 30 lakh penalty on The Jammu and Kashmir State Co-operative Bank Ltd A fine of Rs 6 lakh on Mumbai-based The Pratap Co-operative Ltd The Reserve Bank on Monday said it has imposed penalties on various financial entities, including Rs 1.76 …

"RBI Officials Involved In Scams Like Kingfisher, Yes Bank", Alleges Subramanian Swamy; Supreme Court Issues Notice On Plea For CBI Probe
2 years, 5 months ago

"RBI Officials Involved In Scams Like Kingfisher, Yes Bank", Alleges Subramanian Swamy; Supreme Court Issues Notice On Plea For CBI Probe

Live Law  

A Division Bench of the Supreme Court of India on Monday issued notice on a writ petition filed by Dr Subramanian Swamy seeking an enquiry by the Central Bureau of Investigation into the role of Reserve Bank of India officials in various banking scams. Gavai and B.V. Nagarathna that the RBI officials had allegedly escaped scrutiny with respect to their …

RBI imposes Rs 1.67 crore penalty on Ola Financial Services
2 years, 8 months ago

RBI imposes Rs 1.67 crore penalty on Ola Financial Services

India TV News  

The Reserve Bank on Tuesday imposed a penalty of over Rs 1.67 crore on Ola Financial Services for non-compliance with certain provisions related to pre-paid payment instruments and Know Your Customer norms. Ola Financial Services Private Limited, a subsidiary of ride-hailing app Ola, offers financial services such as lending for two-wheelers, four-wheelers, personal loans and insurance products. "After considering the …

RBI imposes Rs 1 cr penalty each on Kotak Mahindra Bank, IndusInd Bank
2 years, 8 months ago

RBI imposes Rs 1 cr penalty each on Kotak Mahindra Bank, IndusInd Bank

India TV News  

Highlights The RBI has also imposed penalties on four co-operative banks Kotak Mahindra Bank has been penalised for contravention of certain norms IndusInd Bank has been penalised for non-compliance with certain KYC norms RBI on Monday said it has imposed penalties of about Rs 1 crore each on Kotak Mahindra Bank and IndusInd Bank for deficiencies in regulatory compliance. A …

RBI imposes monetary penalty on Indian Overseas Bank for non-compliance
2 years, 8 months ago

RBI imposes monetary penalty on Indian Overseas Bank for non-compliance

Live Mint  

The Reserve Bank of India on Friday imposed a monetary penalty of ₹57.50 lakh on the government-owned Indian Overseas Bank for non-compliance with certain directions. Before the penalty, RBI had conducted a statutory inspection for supervisory evaluation of the bank regarding its financial position as of March 31, 2020, and the examination of the Risk Assessment Report, Inspection Report, and …

RBI imposes Rs 1 crore penalty on One Mobikwik Systems, Spice Money
3 years, 2 months ago

RBI imposes Rs 1 crore penalty on One Mobikwik Systems, Spice Money

India TV News  

Highlights RBI imposed a penalty of Rs 1 crore each on payment system operators One Mobikwik, Spice Money. RBI said that 2 entities hadn't complied with directions issued on networth requirement for BBPOUs The RBI, however, added that the penalties are based on deficiencies in regulatory compliance The Reserve Bank of India on Thursday said it has imposed a penalty …

RBI imposes penalty on PNB, ICICI Bank | Here's why
3 years, 3 months ago

RBI imposes penalty on PNB, ICICI Bank | Here's why

India TV News  

Punjab National Bank and ICICI Bank were fined with a penalty of Rs. In a statement, the RBI said the Statutory Inspection for Supervisory Evaluation of Punjab National Bank was conducted by it with reference to its financial position as of March 31, 2019. In the case of the ICICI Bank, the RBI said the statutory inspection for supervisory evaluation …

Reserve Bank of India imposes Rs 1 crore penalty on Union Bank of India
3 years, 3 months ago

Reserve Bank of India imposes Rs 1 crore penalty on Union Bank of India

Firstpost  

Last week, RBI imposed a monetary penalty of Rs 1 crore on the State Bank of India for contravention of a provision in the Banking Regulation Act, 1949 The Reserve Bank of India on Monday imposed a monetary penalty of Rs 1 crore on state-owned Union Bank of India for deficiencies in regulatory compliance. The banking regulator, in a statement, …

Govt extends RBI governor Shaktikanta Das' term for another 3 years
3 years, 4 months ago

Govt extends RBI governor Shaktikanta Das' term for another 3 years

India TV News  

The Centre on Friday extended the tenure of Reserve Bank of India Shaktikanta Das for a period of three years. "The Appointments Committee of the Cabinet has approved the reappointment of Shaktikanta Das as Reserve Bank of India Governor for a period of three years beyond 10.12.2021 or until further orders, whichever is earlier," reads an official statement. Shaktikanta Das …

RBI imposes Rs 1 crore penalty on SBI over non-compliance
3 years, 5 months ago

RBI imposes Rs 1 crore penalty on SBI over non-compliance

India TV News  

The Reserve Bank of India on Monday said it has imposed a penalty of Rs one crore on the State Bank of India for non-compliance with the directions contained in ‘Reserve Bank of India directions 2016. "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement …

RBI imposes Rs 30 lakh penalty on Pune-based Janata Sahakari Bank
3 years, 5 months ago

RBI imposes Rs 30 lakh penalty on Pune-based Janata Sahakari Bank

India TV News  

The Reserve Bank of India has imposed a penalty of Rs 30 lakh on Janata Sahakari Bank Ltd, Pune for non-compliance with certain directions. The penalty has been imposed for non-compliance with specific directions issued by RBI under the Supervisory Action Framework and RBI directions on 'Frauds in UCBs: Changes in Monitoring and Reporting mechanism'. The statutory inspection of the …

RBI imposes Rs 5-cr penalty on Axis Bank for rule violations
3 years, 7 months ago

RBI imposes Rs 5-cr penalty on Axis Bank for rule violations

India TV News  

The Reserve Bank of India on Tuesday said it has imposed a penalty of Rs 5 crore on Axis Bank for contravention of certain provisions of directions issued by the RBI, including on cybersecurity framework. The contravention of/ non-compliance with the directions has been revealed by — the examination of the Risk Assessment Reports pertaining to ISE 2017, ISE 2018 …

RBI imposes penalty on 14 banks for contravention of various norms
3 years, 8 months ago

RBI imposes penalty on 14 banks for contravention of various norms

The Hindu  

In a release Wednesday, the Reserve Bank of India said it has imposed a penalty of ₹145 million on 14 banks for breach of several norms. The provisions breached include guidelines on ‘Lending to Non-Banking Financial Companies’, ‘Bank Finance to Non-Banking Financial Companies’, ‘Loans and Advances Statutory and Other Restrictions’, ‘Creation of a Central Repository of Large Common Exposures Across …

RBI imposes Rs 14.5 crore penalty on State Bank of India, 13 other banks
3 years, 8 months ago

RBI imposes Rs 14.5 crore penalty on State Bank of India, 13 other banks

India TV News  

The Reserve Bank of India on Tuesday imposed a monetary penalty on fourteen banks, including the State Bank of India and Bank of Baroda for violation of various rules. As per an official release, the violence includes non-compliance with certain provisions of directions issued by RBI on 'Lending to Non-Banking Financial Companies ', 'Bank Finance to Non-Banking Financial Companies ', …

RBI imposes a total penalty of Rs 8 lakh on 3 banks
3 years, 8 months ago

RBI imposes a total penalty of Rs 8 lakh on 3 banks

India TV News  

The Reserve Bank of India on Wednesday imposed a total penalty of Rs 8 lakh on three Maharashtra-based co-operative banks for deficiencies in regulatory compliance. A penalty of Rs 4 lakh has been imposed on Excellent Co-operative Bank, Mumbai, and Rs 2 lakh each on Janseva Sahakari Bank Limited, Pune and The Ajara Urban Co-operative Bank, Ajara. The penalty on …

RBI imposes Rs 23 lakh fine on THESE co-operative banks
3 years, 9 months ago

RBI imposes Rs 23 lakh fine on THESE co-operative banks

India TV News  

RBI imposes Rs 23 lakh fine on THESE co-operative banks The RBI said the penalties have been imposed due to 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. The Reserve Bank of India on Monday imposed penalties of Rs 23 lakh on …

RBI imposes Rs 11 lakh penalty on THESE banks
3 years, 9 months ago

RBI imposes Rs 11 lakh penalty on THESE banks

India TV News  

RBI imposes Rs 11 lakh penalty on THESE banks The RBI said the penalties have been imposed based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered by the two lenders with their customers. The Reserve Bank of India on Tuesday imposed a penalty of Rs 11 lakh on …

RBI imposes Rs 2 lakh penalty on THIS bank
3 years, 9 months ago

RBI imposes Rs 2 lakh penalty on THIS bank

India TV News  

The Reserve Bank of India on Tuesday imposed a penalty of Rs 2 lakh on Dhrangadhra People's Co-operative Bank, Surendranagar, Gujarat, for non-compliance with certain norms. The RBI said the penalty has been imposed for non-compliance with RBI directions on 'Placement of Deposits with Other Banks by Primary Co-operative Banks ' and 'Depositor Education and Awareness Fund Scheme 2014'. Giving …

RBI imposes Rs 6 crore penalty on Bank of India, Punjab National Bank
3 years, 9 months ago

RBI imposes Rs 6 crore penalty on Bank of India, Punjab National Bank

India TV News  

The RBI on Monday imposed penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms, including one related to "Frauds – Classification and Reporting". A penalty of Rs 4 crore has been imposed on Bank of India and Rs 2 crore on Punjab National Bank. Examination of the risk assessment report pertaining …

RBI imposes Rs 25.5 lakh penalty on Jaipur-based Jumbo Finvest (India)
3 years, 10 months ago

RBI imposes Rs 25.5 lakh penalty on Jaipur-based Jumbo Finvest (India)

India TV News  

The Reserve Bank of India on Tuesday said it has imposed a penalty o fRs 25.5 lakh on Jumbo Finvest Limited, Jaipur. In a release, the RBI said it imposed a monetary penalty of Rs 25.50 lakh on Jumbo Finvest for non-compliance with certain provisions of the directions issued by RBI contained in 'Non-Banking Financial Company - Systemically Important Non-Deposit …

RBI imposes Rs 40 lakh penalty on THIS bank
3 years, 10 months ago

RBI imposes Rs 40 lakh penalty on THIS bank

India TV News  

The Reserve Bank of India on Tuesday said it has imposed a penalty of Rs 40 lakh on Himachal Pradesh State Cooperative Bank, Shimla, for non-compliance with certain regulatory directions issued by NABARD. The penalty has been imposed for non-compliance with regulatory directions issued by NABARD contained in 'Review of Frauds - Guidelines on Monitoring and Reporting System', the Reserve …

RBI Imposes Rs 2 Crore Penalty on Deutsche Bank for Non-compliance of Directions
4 years, 2 months ago

RBI Imposes Rs 2 Crore Penalty on Deutsche Bank for Non-compliance of Directions

News 18  

The Reserve Bank on Tuesday imposed a penalty of Rs 2 crore on Deutsche Bank AG for non-compliance with certain provisions of directions concerning interest rate on deposits. The central bank said the statutory inspection of Deutsche Bank's financial position as on March 31, 2019 and the Risk Assessment Report revealed non-compliance with the 'Reserve Bank of India Directions, 2016'. …

RBI imposes Rs 50 lakh penalty on an urban co-operative bank in Kerala
4 years, 3 months ago

RBI imposes Rs 50 lakh penalty on an urban co-operative bank in Kerala

India TV News  

The Reserve Bank of India on Tuesday said it has imposed a penalty of Rs 50 lakh on The Urban Co-operative Bank Ltd No. A notice was issued to the bank asking why penalty should not be imposed for non-compliance with the directions issued by RBI. "After considering the bank's written reply, RBI came to the conclusion that the charge …

RBI panel proposes to raise promoters cap to 26% in private banks
4 years, 4 months ago

RBI panel proposes to raise promoters cap to 26% in private banks

The Hindu  

An internal working group set up by the RBI has proposed to raise the cap on promoters’ stake in private banks from the current 15 % to 26 % in 15 years. The group has also recommended that large corporate or industrial houses may be allowed as promoters of banks only after amendments to the Banking Regulation Act and strengthening …

Lakshmi Vilas Bank placed under moratorium, withdrawals capped at Rs 25,000; RBI proposes merger with DBS Bank
4 years, 4 months ago

Lakshmi Vilas Bank placed under moratorium, withdrawals capped at Rs 25,000; RBI proposes merger with DBS Bank

Firstpost  

TN Manoharan, former non-executive chairman of Canara Bank, has been appointed as the administrator of the bank Mumbai: The government on Tuesday placed Lakshmi Vilas Bank under a one-month moratorium, superseded its board, and capped withdrawals at Rs 25,000 per depositor. “Accordingly, after considering the Reserve Bank’s request, the Central Government has imposed moratorium for thirty days effective from today,” …

RBI Imposes Rs 50 Lakh Penalty on Central Bank of India
4 years, 4 months ago

RBI Imposes Rs 50 Lakh Penalty on Central Bank of India

News 18  

Mumbai: The Reserve Bank on Tuesday said it has imposed a penalty of Rs 50 lakh on state-run Central Bank of India for non-compliance with its directions on disbursal of some housing loans. “Reserve Bank of India has, by an order dated November 10, 2020, imposed a monetary penalty of Rs 50 lakh” on the bank for non-compliance with certain …

Reserve Bank of India Imposes Rs 15 Lakh Penalty on Two Co-operative Banks
4 years, 4 months ago

Reserve Bank of India Imposes Rs 15 Lakh Penalty on Two Co-operative Banks

News 18  

The RBI on Wednesday said it has imposed penalty totalling Rs 15 lakh on two co-operative banks, including Millath Co-operative Bank, Davangere for non-compliance with directions issued by it. A penalty of Rs 10 lakh has been imposed on Millath Co-operative Bank for “non-adherence/violation of all inclusive directions and other directions imposed on the bank”, the Reserve Bank of India …

Enforcement Action Taken against 41 Entities, Rs 61.15 Crore Fine Imposed, Says RBI
4 years, 6 months ago

Enforcement Action Taken against 41 Entities, Rs 61.15 Crore Fine Imposed, Says RBI

News 18  

The Reserve Bank of India took enforcement action against 41 regulated entities by imposing an aggregate penalty of Rs 61.15 crore between July 1, 2019, and June 30, 2020. During the July 2019-June 2020 period, the RBI undertook enforcement action against 41 REs and imposed an aggregate penalty of Rs 61.15 crore. The DICGC raised the limit of insurance cover …

The design of RBI limits its abilities
5 years ago

The design of RBI limits its abilities

Deccan Chronicle  

The Reserve Bank of India, India’s central bank, performs vital functions that are essential for keeping the Indian economy in robust health. Recently, the RBI has found itself lurching from one crisis to another as financial institutions such as non-banking financial corporations, cooperative banks and commercial banks collapsed like dominos one after the other. The RBI draws its powers from …

RBI tweaks norms for penalty on payment system operators
5 years, 2 months ago

RBI tweaks norms for penalty on payment system operators

India TV News  

The Reserve Bank of India on Friday tweaked the norms for imposing penalties on payment system operators for not complying with regulatory requirements, with a view to ensure safety and security to various stakeholders, including customers. The payment system landscape has witnessed rapid developments since then with increased adoption of technology, availability of payment products, entry of more nonbank players, …

'Not all money, only up to ₹ 1 lakh insured in banks,' RBI-owned subsidiary says
5 years, 3 months ago

'Not all money, only up to ₹ 1 lakh insured in banks,' RBI-owned subsidiary says

India TV News  

Having more than Rs 1 lakh in a bank account? After Reserve Bank of India put restrictions on PMC Bank depositors, “Is my money safe with banks?, “Is keeping money in the bank in savings/deposit account akin to lending to a bank? "Under the provisions of Section 16 of the DICGC Act, 1961, if a bank fails/gets liquidated, the DICGC …

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