The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹6 lakh on Sharad Sahakari Bank Ltd., Pune, through an order dated December 28, 2022. The penalty was issued for non-compliance with RBI’s directions on Know Your Customer (KYC) norms and Interest Rate on Deposits. The action was taken under the powers granted to RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹6 lakh on Sharad Sahakari Bank Ltd., Pune, through an order dated December 28, 2022. The penalty was issued for non-compliance with RBI’s directions on Know Your Customer (KYC) norms and Interest Rate on Deposits. The action was taken under the powers granted to RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has released its web publication titled “Statistical Tables relating to Banks in India: 2021-22”, providing comprehensive data on the Indian banking sector. The publication includes entity-wise information on major liabilities and assets, their maturity profiles, income and expenditure, select financial ratios, employee strength, and priority sector advances for scheduled commercial banks (excluding regional rural banks).

The Reserve Bank of India (RBI) imposed a monetary penalty of ₹5.00 lakh on Shri Mahila Sewa Sahakari Bank Ltd., Ahmedabad (Gujarat) on December 21, 2022, for contravention of multiple RBI directions concerning statutory reserves, loans to directors and related parties, dividend declaration, and the Depositor Education and Awareness Fund Scheme, 2014. The penalty was imposed under Sections 47A (1)(c), 46(4)(i), and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) imposed a monetary penalty of ₹30.85 lakh on The Delhi State Cooperative Bank Ltd., New Delhi, on December 14, 2022, for non-compliance with RBI’s Know Your Customer (KYC) Directions, 2016, housing finance norms, and NABARD’s guidelines on fraud classification, reporting, and monitoring. The penalty was imposed under Sections 47A (1)(c), 46(4)(i), and 56 of the Banking Regulation Act, 1949.