1. Key Details Entity Name: Pine Labs Limited Entity Type: Prepaid Payment Instrument (PPI) Issuer Penalty Amount: ₹3.10 Lakh (Rupees Three Lakh Ten Thousand) Date of Order: March 23, 2026 Statute Invoked: Section 30(1) read with section 26(6) of Payment and Settlement Systems Act, 2007 Primary Violation: Issuing Full-KYC PPIs without completing Know Your Customer […]
The Reserve Bank of India (RBI) has imposed a monetary penalty on the Central Bank of India for non-compliance with critical regulatory directives identified during the Statutory Inspection for Supervisory Evaluation (ISE 2025). The infractions primarily concern systemic failures in adhering to ‘Know Your Customer (KYC)’ guidelines and ‘Financial Inclusion’ mandates regarding Basic Savings Bank
1. Key Details Bank Name: Bank of India Penalty Amount: ₹58.50 Lakh (Rupees Fifty-Eight Lakh Fifty Thousand) Order Date: March 23, 2026 (Press Release: March 27, 2026) Inspection Reference: Statutory Inspection for Supervisory Evaluation (ISE 2025) referencing financial position as of March 31, 2025. Statutory Provisions: Imposed under Section 47A(1)(c) read with sections 46(4)(i) and
Executive Summary The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹95.40 Lakh on Union Bank of India. The penalty, ordered on March 23, 2026, penalizes the bank for regulatory non-compliances concerning customer liability limits in electronic banking and the automation of asset classification processes. The action follows findings from the Statutory
1. Key Details of the Regulatory Action Amalgamating Entity: The Bapunagar Mahila Co-operative Bank Ltd., Ahmedabad, Gujarat (A community/women-focused urban co-operative bank). Acquiring Entity: Shri Vinayak Sahakari Bank Ltd., Ahmedabad, Gujarat. Statutory Framework: The scheme of amalgamation was sanctioned by the RBI under the provisions of sub-section (4) of Section 44A, read with Section 56
1. Executive Summary The Reserve Bank of India (RBI) has issued a notification regarding the extension of regulatory directions imposed on Shree Mahalaxmi Urban Co-operative Credit Bank Ltd., operating out of Gokak, Karnataka. The RBI has determined that continuing these operational restrictions is necessary in the public interest. 2. Key Details of the Action Applicable
1. Key Details & Timeline The Reserve Bank of India (RBI) has executed a series of phased regulatory interventions against Irinjalakuda Town Co-operative Bank Ltd. to protect depositor interests and address severe governance deficits. July 30, 2025: RBI imposed All Inclusive Directions (AID) under Section 35A read with Section 56 of the Banking Regulation Act,
RBI Penalty Compliance Report 1. The Pali District Central Co-operative Bank Ltd., Rajasthan Key Details Penalty Amount: ₹50,000 Date of Order: March 17, 2026 Inspecting Authority: NABARD (Position as of March 31, 2025) Violation: Non-compliance with KYC directions; failed to implement a system for periodic review of risk categorisation of accounts (required at least once
1. Key Details Action: Approval of Voluntary Amalgamation Amalgamating Bank: Lalbaug Co-operative Bank Ltd. (Vadodara, Gujarat) Amalgamated Bank: Akhand Anand Co-operative Bank Ltd. (Surat, Gujarat) Effective Date: March 23, 2026 Statutory Provision: Section 44A (4) read with Section 56 of the Banking Regulation Act, 1949 Operational Status: All branches of Lalbaug Co-op Bank will operate
Executive Summary: The Reserve Bank of India (RBI) has imposed a monetary penalty on The Hongkong and Shanghai Banking Corporation Limited. The penal action follows a statutory Inspection for Supervisory Evaluation (ISE) based on the bank’s financial position as of March 31, 2025, which revealed critical lapses in the management and reporting of Inoperative Accounts
