RBI Draft Amendments Report – 6th March 2026 | Review of Framework for Limiting Customer Liability in Digital Transactions

Subject: Review of Framework for Limiting Customer Liability in Digital Transactions. Effective Date: July 1, 2026 The Reserve Bank of India has issued draft amendment directions to overhaul the customer protection framework in electronic banking. The amendments significantly expand the definition of “unauthorised transactions” (including scams and coercion), mandate strict alert mechanisms, reduce grievance resolution […]

RBI Amendments Draft

RBI’s Action Report – 6th March 2026 | The Amanath Co-operative Bank Ltd. – Extension of Period

1. Executive Summary The Reserve Bank of India (RBI) has issued a press release announcing the extension of regulatory directions imposed on The Amanath Co-operative Bank Ltd., Bangalore. Initially enforced under Section 35A read with Section 56 of the Banking Regulation Act, 1949, on June 12, 2024, the operational and financial restrictions have now been

Extension of Period, RBI Action

RBI Penalty Report – 5th March 2026 | Samruddhi Sahakari Bank Ltd.

1. Key Details of the Penalty Penalty Amount: ₹10,000/- (Rupees Ten Thousand only) Order Date: February 27, 2026 Inspection Reference: Financial position of the bank as on March 31, 2025. Statutory Provision: Section 25 of the Credit Information Companies (Regulation) Act, 2005 (CICRA). Nature of Violation: The bank failed to comply with RBI directions on

RBI Penalty

RBI License Cancellation Report – 5th March 2026 | Shimsha Sahakara Bank Niyamitha

Executive Summary Effective March 05, 2026, the Reserve Bank of India (RBI) has enforced the revived cancellation of the banking licence for Shimsha Sahakara Bank Niyamitha (Maddur, Mandya District, Karnataka). The bank is strictly prohibited from conducting any banking business, including accepting or repaying deposits, under Section 5(b) and Section 6 read with Section 56

RBI Action, RBI License Cancellation

The ₹590 Crore IDFC First Bank Fraud Incident | LATEST UPDATE: 4 Masterminds Arrested | ₹583 Crore Fully Refunded by Bank

🔴 LATEST UPDATE (Feb 2026): 4 Masterminds Arrested | ₹583 Crore Fully Refunded by Bank 1. Key Details of the Incident In February 2026, a massive financial irregularity surfaced at IDFC First Bank. Described as “banking’s oldest fraud,” the incident relied entirely on paper-based manipulation and internal collusion rather than a digital cyberattack. Location &

Bank Scam

RBI Penalty Report – 27th February 2026

1. Mahindra & Mahindra Financial Services Limited Penalty Amount: ₹11.50 Lakh Date of Order: February 27, 2026 Key Details Violations: Non-compliance with RBI directions on ‘Fair Practices Code’ and ‘Internal Ombudsman for Regulated Entities’. Specific Triggers: The company levied revised foreclosure charges on certain accounts without incorporating a suitable condition in their loan agreements. Furthermore,

RBI Penalty

The ₹590 Crore IDFC First Bank Fraud Incident

1. Key Details of the Incident In February 2026, a massive financial irregularity surfaced at IDFC First Bank, rocking the banking sector. Described by the bank’s management as “banking’s oldest fraud,” the incident relied entirely on paper-based manipulation rather than a digital cyberattack. Location & Entity: IDFC First Bank, Chandigarh Branch. Amount Involved: Approximately ₹590

Bank Scam

RBI Penalty Report – 20th February 2026 | UCO Bank

1. Key Details Bank Name: UCO Bank. Penalty Amount: ₹38.60 lakh (Rupees Thirty-Eight Lakh Sixty Thousand only). Date of Order: February 16, 2026. Trigger for Action: The penalty stems from findings during the Statutory Inspection for Supervisory Evaluation (ISE 2025) conducted by the RBI, which evaluated the bank’s financial position as of March 31, 2025.

RBI Penalty

RBI’s Action Report – 18th February 2026 | New India Co-operative Bank Ltd. – Exclusion from Second Schedule

Key Details Institution: New India Co-operative Bank Ltd., Mumbai Action: Excluded from the Second Schedule to the RBI Act, 1934 Notification: CO.DOR.RAUG.No.S7907/08.27.498/2025-26 (Jan 06, 2026) Context: Administrative closure following the August 2025 amalgamation with Saraswat Co-operative Bank Ltd. Root Cause Analysis (RCA) Internal Fraud: A ₹122 crore embezzlement scam executed by top management over five

Exclusion from Second Schedule, RBI Action
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