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 […]
1. Key Incident Details Entity Name: Cashfree Payments India Private Limited Penalty Amount: ₹3.10 Lakh (Rupees Three Lakh Ten Thousand only) Date of Order: March 09, 2026 (Press Release: March 16, 2026) Inspection Period: April 2024 to June 2025 Regulatory Framework: Guidelines on Regulation of Payment Aggregators (PAs) and Payment Gateways (PGs) Core Violation: Making
1. Key Details Regulated Entity: Manappuram Finance Limited Penalty Amount: ₹2.70 Lakh (Rupees Two Lakh Seventy Thousand only) Statutory Inspection Period: Financial position as on March 31, 2025 Regulatory Authority: Reserve Bank of India (RBI) Applicable Act/Provision: Section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934 Nature of Violation: Non-compliance
Executive Summary On March 12, 2026, the Reserve Bank of India (RBI) published press releases detailing monetary penalties imposed on two co-operative banks due to non-compliance with regulatory directives. Following statutory inspections evaluating the banks’ financial positions as of March 31, 2025, enforcement actions were initiated against The Pallikonda Co-operative Urban Bank Limited (Tamil Nadu)
1. Executive Summary The Reserve Bank of India (RBI) has imposed a monetary penalty on Maanaveeya Development & Finance Private Limited for non-compliance with the RBI’s ‘Governance’ directions. The penalty was levied under the powers conferred on the RBI under section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934. The
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
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 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.
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
