The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.25 lakh on Jijau Commercial Co-operative Bank Ltd., Amravati, Maharashtra for non-compliance with directions issued to Urban Co-operative Banks regarding Know Your Customer (KYC) norms and the opening of on-site ATMs. The penalty was levied under the powers vested in RBI under the Banking Regulation Act, 1949, in view of the bank’s failure to adhere to the regulatory guidelines.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.25 lakh (Rupees One lakh Twenty-Five Thousand only) on Nagrik Sahakari Bank Maryadit, Jagdalpur, Chhattisgarh, for non-compliance with directions issued by RBI to Urban Co-operative Banks regarding the Board of Directors, Exposure Norms, Statutory/Other Restrictions, and Know Your Customer (KYC) guidelines.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.50 lakh on The Vaidyanath Urban Co-operative Bank Ltd., Beed, Maharashtra, for non-compliance with directions issued by RBI to Urban Co-operative Banks regarding Know Your Customer (KYC) norms. The penalty was levied under the powers granted to RBI under the Banking Regulation Act, 1949, in view of the bank’s failure to adhere to the prescribed regulatory requirements.

The Reserve Bank of India (RBI) has levied a monetary penalty of ₹1 lakh on Jila Sahakari Kendriya Bank Maryadit, Chhatarpur, Madhya Pradesh for non-compliance with the Banking Regulation Act, 1949, and RBI directions on Know Your Customer (KYC) norms. The penalty was imposed under the powers granted to RBI under the Banking Regulation Act, 1949, due to the bank’s failure to adhere to regulatory requirements.

The Reserve Bank of India (RBI) has announced the launch of the first pilot for the retail digital Rupee (e₹-R), scheduled to commence on December 1, 2022. This pilot follows the RBI’s earlier press release dated October 31, 2022, which indicated that the retail digital rupee initiative would begin within a month.