🔴 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 & […]
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,
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
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.
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
Subject: Indian Mercantile Co-operative Bank Ltd., Lucknow Date of Order: February 11, 2026 | Effective Date: February 13, 2026 1. Executive Summary The Reserve Bank of India (RBI) has officially cancelled the banking licence of Indian Mercantile Co-operative Bank Ltd., Lucknow. This regulatory measure effectively prohibits the institution from carrying out any “banking” business, which
1. Commercial Banks – Amendment Directions Applicable Entities: All Scheduled Commercial Banks (excluding RRBs). Specific Changes Required: Acquisition Finance: New framework allowing banks to fund Indian non-financial companies for strategic equity acquisitions (up to 75% of value). Bridge Finance: Permitted for an interim period (max 1 year) with a firm repayment plan via equity or
1) IIFL Finance Limited The Reserve Bank of India (RBI) imposed a monetary penalty on IIFL Finance Limited following a statutory inspection evaluated against the company’s financial position as of March 31, 2024. The compliance breakdown is outlined below. Key Details Entity Name IIFL Finance Limited Penalty Amount ₹5.30 lakh (Rupees Five Lakh Thirty Thousand
The Reserve Bank of India (RBI) imposed a monetary penalty on DCB Bank Limited. The action follows the Statutory Inspection for Supervisory Evaluation (ISE 2025) of the bank, which was conducted by the RBI with reference to its financial position as on March 31, 2025. The detailed breakdown of the compliance failures and subsequent insights
The Reserve Bank of India (RBI) has imposed a monetary penalty on Bank of Maharashtra following the Statutory Inspection for Supervisory Evaluation (ISE 2025). This statutory inspection was conducted with reference to the bank’s financial position as on March 31, 2025. The detailed breakdown of the compliance failures and subsequent insights are outlined below. Key
