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
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹5.50 lakh on The Rohika Central Co-operative Bank Limited, Bihar. The penalty was issued on September 2, 2025, for the bank’s non-compliance with provisions of the Banking Regulation Act, 1949, and with certain RBI directions related to ‘Membership of Credit Information Companies (CICs)
1. The Dakshin Dinajpur District Central Co-operative Bank Limited, West Bengal Key Details Root Cause Analysis (RCA) The bank failed in two main areas related to KYC compliance: Preventive Controls Lessons Learned The penalty highlights the importance of maintaining an ongoing, dynamic KYC process rather than a one-time activity at account opening. Banks must actively
Jila Sahakari Kendriya Bank Maryadit, Narmadapuram, Madhya Pradesh Key Details Root Cause Analysis (RCA) The primary root cause for the penalty was the bank’s failure to adhere to the statutory requirement of transferring eligible unclaimed amounts to the DEAF within the specified timeframe. This non-compliance was a finding from a statutory inspection conducted by NABARD.
The Reserve Bank of India (RBI) imposed a monetary penalty of ₹44.70 lakh on Bandhan Bank Limited for deficiencies found during a statutory inspection. The inspection was conducted based on the bank’s financial position as of March 31, 2024. The penalty was imposed for violating Section 10(1)(b)(ii) of the Banking Regulation Act, 1949, and for
The Vijayapura District Central Co-operative Bank Ltd., Karnataka Key Details Root Cause Analysis (RCA) The primary issue stems from a failure in governance and internal controls. The act of sanctioning a loan to a director suggests a breakdown in the bank’s internal policy adherence and a potential conflict of interest. This could be due to:
