The Reserve Bank of India (RBI) has recognized the Fintech Association for Consumer Empowerment (FACE) as a Self-Regulatory Organisation in the FinTech Sector (SRO-FT).

This recognition follows the RBI’s issuance of the Framework for Self-Regulatory Organisations in the FinTech Sector and the subsequent invitation for applications. Three applications were received and examined against the framework’s requirements.

The Reserve Bank of India (RBI) has extended the period of operation of its Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 for Ajantha Urban Co-operative Bank Maryadit, Aurangabad, Maharashtra.

Originally issued on August 28, 2023, the Directions were valid for six months and subsequently extended up to August 29, 2024. RBI has now extended them for an additional three months, from August 29, 2024, to November 29, 2024, subject to review.

The Reserve Bank of India (RBI) has imposed monetary penalties on The Urban Co-operative Bank Ltd., Cuttack and The Manipur State Co-operative Bank Ltd., Manipur for regulatory non-compliance.

The Urban Co-operative Bank Ltd., Cuttack was fined ₹1.50 lakh for breaches related to Know Your Customer (KYC) norms and exposure norms. The statutory inspection revealed lapses including:

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.25 lakh on The Valsad Mahila Nagarik Sahakari Bank Ltd., Valsad, Gujarat for non-compliance with directions relating to Income Recognition, Asset Classification, Provisioning, KYC norms, and membership of Credit Information Companies (CICs), as well as maintenance of deposit accounts by Urban Co-operative Banks.

The statutory inspection conducted with reference to the bank’s financial position as on March 31, 2023, revealed several lapses:

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 for Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj, Maharashtra. The original directions were issued on February 23, 2023, for six months and were last extended until August 24, 2024.

In the public interest, RBI has now further extended the directives for three months, from August 24, 2024, to November 24, 2024, subject to review. All other terms and conditions of the directive remain unchanged.