The Reserve Bank of India (RBI) has extended the validity of Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) for National Mercantile Co-operative Bank Ltd., Lucknow (U.P.).

Originally issued on March 9, 2023, the Directions have been periodically extended, with the latest extension now effective from September 10, 2024, to December 10, 2024, as per Directive DOR.MON.No.D-50/12-28-015/2024-25 dated September 4, 2024.

The Reserve Bank of India (RBI) has extended the period of operation of Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) to The Imperial Urban Cooperative Bank Ltd., Jalandhar.

Originally issued on March 9, 2023, for a period of six months, and last extended up to September 10, 2024, the Directions are now extended for a further three months, until December 10, 2024, in the public interest.

RBI stated that all other terms and conditions of the Directions remain unchanged.

The Reserve Bank of India (RBI) has imposed monetary penalties on three housing finance companies for non-compliance with regulatory directions issued under the National Housing Bank Act, 1987 and RBI guidelines.

Godrej Housing Finance Limited – ₹5 lakh
RBI found that the company failed to obtain two independent valuation reports before sanctioning certain loans of ₹75 lakh and above, in violation of the Non-Banking Financial Company – Housing Finance Company Directions, 2021.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2,10,000 (Rupees Two Lakh Ten Thousand only) on Cent Bank Home Finance Limited for non-compliance with certain provisions of the RBI (Know Your Customer (KYC)) Directions, 2016.

The penalty follows findings from the statutory inspection conducted by the National Housing Bank with reference to the company’s financial position as of March 31, 2022. A notice had been issued to the company seeking explanation for lapses in compliance.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2,68,30,000 (Rupees Two crore sixty-eight lakh and thirty thousand only) on UCO Bank for violations of the Banking Regulation Act, 1949 and non-compliance with RBI directions on various aspects of banking operations.