The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹6.00 lakh on Surat National Co-operative Bank Ltd., Surat for contravention of directions on interest rates on deposits and customer protection in electronic banking transactions.

The statutory inspection conducted by RBI revealed the following lapses:

The Reserve Bank of India (RBI) has taken strict regulatory actions against two major banks for lapses in compliance with its directions and guidelines.

Paytm Payments Bank Penalty:
RBI has imposed a monetary penalty of ₹5.39 crore on Paytm Payments Bank Limited for violations of the Know Your Customer (KYC) Directions, 2016, guidelines for payments banks, and cybersecurity frameworks.

The Reserve Bank of India (RBI) has directed Bank of Baroda to immediately suspend further onboarding of customers onto its mobile application ‘bob World’.

This action has been taken under Section 35A of the Banking Regulation Act, 1949 in view of material supervisory concerns observed in the onboarding process of the bank’s customers. The RBI has stated that any future onboarding will only be permitted after rectification of the deficiencies and strengthening of the related processes to its satisfaction.

The Reserve Bank of India (RBI) has expanded the Centralised Web Portal उद्गम (UDGAM – Unclaimed Deposits: Gateway to Access inforMation), which was launched on August 17, 2023, to make it easier for the public to search for unclaimed deposits across multiple banks.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.62 crore (Rupees One Crore and Sixty Two Lakh only) on Indian Bank for non-compliance with certain regulatory directions related to Loans and Advances – Statutory and Other Restrictions, Know Your Customer (KYC) Directions, 2016, and Interest Rate on Deposits Directions, 2016. The penalty has been levied under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 51(1) of the Banking Regulation Act, 1949.