The Reserve Bank of India (RBI) imposed a monetary penalty of ₹26,91,330 on The Andhra Pradesh State Co-operative Bank Limited, Vijayawada, on December 14, 2022, for non-compliance with RBI’s Know Your Customer (KYC) Directions, 2016, membership norms for Credit Information Companies (CICs), and NABARD’s guidelines on fraud classification, reporting, and monitoring. The penalty was imposed under Sections 25(1)(iii) and 23(4) of the Credit Information Companies (Regulation) Act, 2005, and 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 ₹2.66 crore on Bank of Bahrain & Kuwait BSC, India Operations on December 12, 2022, for non-compliance with RBI’s directions on the “Cyber Security Framework in Banks.” The penalty was levied under Sections 47 A (1) (c) and 46 (4) (i) of the Banking Regulation Act, 1949.

Shri Shaktikanta Das, Governor of the Reserve Bank of India, held a meeting with select FinTech entities, including AgriTechs, and their industry associations on December 14, 2022. The meeting was also attended by Shri M. K. Jain, Deputy Governor, and senior RBI officials.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹4.00 lakh (Rupees Four lakh only) on Shri Kanyaka Nagari Sahakari Bank Ltd., Chandrapur, Maharashtra, for non-compliance with directions issued by RBI to Urban Co-operative Banks on Know Your Customer (KYC). The penalty was imposed under the powers vested in RBI under Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the prescribed directions.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.25 lakh on Nagrik Sahakari Bank Maryadit, Jagdalpur, Chhattisgarh for non-compliance with directions issued to Urban Co-operative Banks concerning Board of Directors, Exposure Norms & Statutory/Other Restrictions, and Know Your Customer (KYC) requirements. The penalty was imposed under the powers vested in RBI under the Banking Regulation Act, 1949, following the bank’s failure to adhere to the prescribed regulatory guidelines.