American Express Banking Corp. Key Details Penalty Amount: ₹31.80 Lakh (Rupees Thirty One Lakh Eighty Thousand only) Order Date: October 01, 2025 Inspection Ref: Supervisory Evaluation (ISE 2024) as on March 31, 2024 Non-Compliance: Non-compliance with the Reserve Bank of India (Credit Card and Debit Card Issuance and Conduct) Directions, 2022. Specific Violation: Failure to […]
1. Key Details of the Penalty Detail Description Bank Name Indian Overseas Bank (IOB) Date of Order September 29, 2025 Penalty Amount ₹31.80 lakh (Rupees Thirty One Lakh Eighty Thousand only) Reason for Penalty Non-compliance with certain directions issued by RBI on ‘Priority Sector Lending (PSL) Targets and Classification’ Specific Non-Compliance The bank collected loan-related
The Reserve Bank of India (RBI) imposed monetary penalties on five Co-operative Banks on September 25, 2025, for deficiencies in regulatory compliance based on their financial position as of March 31, 2024. Bank Name State Penalty Amount Primary Reason for Penalty Beed District Central Co-operative Bank Ltd. Maharashtra ₹2.25 Lakh Failure to transfer unclaimed funds
Key Details Parameter Detail Regulated Entity (RE) Muthoot FinCorp Limited Regulatory Authority Reserve Bank of India (RBI) Penalty Amount ₹2.70 lakh (Rupees Two Lakh Seventy Thousand only) Date of Order September 24, 2025 Press Release Date September 26, 2025 Date of Inspection Financial position as on March 31, 2024 Non-Compliance Direction Directions issued by RBI
Makarpura Industrial Estate Co-operative Bank Ltd., Vadodara, Gujarat Key Details Penalty Imposed: The Reserve Bank of India (RBI) imposed a monetary penalty of ₹2 lakh (Rupees Two Lakh only) on Makarpura Industrial Estate Co-operative Bank Ltd., Vadodara, Gujarat. The order was dated September 22, 2025. Reason for Penalty: The penalty was for non-compliance with certain
This report details the key aspects of the Reserve Bank of India’s decision to cancel the Certificate of Registration (CoR) of Datta Finance and Trading Private Limited. 1. Key Details 2. Root Cause Analysis (RCA) The root cause for the cancellation of the CoR was the company’s violation of RBI guidelines on the code of
Yavatmal District Central Co-operative Bank Ltd. RBI Press Release The Ahmedabad Mercantile Co-operative Bank Limited RBI Press Release Bharat Co-operative Bank (Mumbai) Limited RBI Press Release The Jalgaon District Central Co-operative Bank Ltd. RBI Press Release Chandrapur District Central Co-operative Bank Ltd. RBI Press Release
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹21 lakh on PhonePe Limited for failing to comply with certain regulations concerning Prepaid Payment Instruments (PPIs). This action was taken after a statutory inspection of the company’s operations from October 2023 to December 2024 revealed that the end-of-day balance in PhonePe’s escrow
Progressive Mercantile Co-operative Bank Limited Key Details Root Cause Analysis (RCA) Based on the supervisory findings, the root causes for the bank’s non-compliance likely stem from systemic and procedural failures. Preventive Controls To prevent similar non-compliance issues, the bank should implement the following controls: Lessons Learned The penalty serves as a reminder that regulatory compliance
Tripura State Co-operative Bank Limited Key Details The Reserve Bank of India (RBI) imposed a monetary penalty of ₹7.50 lakh on Tripura State Co-operative Bank Ltd. on September 2, 2025. This penalty was a result of the bank’s non-compliance with RBI directions on Know Your Customer (KYC). The inspection was conducted by the National Bank
