The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹10 lakh on The Tiruchengode Co-operative Urban Bank Ltd (No.8994), Tiruchengode, Tamil Nadu, for non-compliance with directions related to exposure norms and statutory restrictions for urban co-operative banks, as well as Know Your Customer (KYC) guidelines. The penalty has been imposed 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 ₹57.50 lakh on Indian Overseas Bank for non-compliance with directions on fraud reporting, large exposures, resolution of stressed assets, and external benchmark-based lending. The penalty has been imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has urged cardholders to tokenise their cards to improve safety in online transactions. Tokenisation replaces sensitive card information with a unique alternate code, known as a “token,” which merchants can store instead of actual card details, reducing the risk of data theft and misuse.

The Reserve Bank of India (RBI) has released a draft Master Direction on Outsourcing of Information Technology (IT) Services for comments from regulated entities (REs), stakeholders, and the public.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹75,000 on Jila Sahakari Kendriya Bank Maryadit, Sidhi, Madhya Pradesh, for non-compliance with the provisions of the Banking Regulation Act, 1949 and RBI directions on Know Your Customer (KYC). The penalty has been imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.