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 Saibaba Janata Sahakari Bank Limited, Latur, Maharashtra. The original directions were issued on July 21, 2022, for six months and were last extended until August 22, 2024.

In the public interest, RBI has further extended the period of operation of the directive for three months, from August 22, 2024, to November 22, 2024, subject to review. All other terms and conditions of the directive remain unchanged.

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 (AACS) for HCBL Co-operative Bank Ltd., Lucknow. The original directions were issued on February 23, 2023, and were last valid until August 24, 2024. The extension now continues from August 24, 2024, to November 24, 2024, as per RBI Directive DOR.MON/D-43/12.22.133/2024-25 dated August 16, 2024, subject to review.

The Reserve Bank of India (RBI) has issued a framework for the recognition of Self-Regulatory Organisations (SROs) in financial markets, highlighting their potential role in strengthening compliance culture among members and providing a consultative platform for policy-making.

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,27,20,000 on Bank of Maharashtra for non-compliance with certain directions issued on Loan System for Delivery of Bank Credit, Cyber Security Framework in Banks, and Know Your Customer (KYC). The penalty has been imposed under the powers conferred by Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

Background

The Reserve Bank of India (RBI) has issued a draft framework on Alternative Authentication Mechanisms for Digital Payment Transactions, aimed at enhancing the security and flexibility of digital payments.