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
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
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
