The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,31,80,000 (Rupees One crore thirty-one lakh eighty thousand only) on Punjab National Bank (PNB) for non-compliance with certain directions on Loans and Advances – Statutory and Other Restrictions and Know Your Customer (KYC) Directions, 2016. The penalty has been levied under the powers conferred to RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

The Governor of the Reserve Bank of India (RBI), Shri Shaktikanta Das, today held meetings with the Managing Directors and Chief Executive Officers of Public Sector Banks and select Private Sector Banks in Mumbai. The meetings were attended by Deputy Governors Shri M. Rajeshwar Rao and Shri Swaminathan J., along with Executive Directors in charge of Regulation and Supervision. The previous such meeting was held on February 14, 2024.

The Reserve Bank of India (RBI) has recently imposed monetary penalties on three co-operative banks for non-compliance with its Know Your Customer (KYC) directions. These actions are aimed at strengthening regulatory compliance and ensuring robust customer due diligence.

The Reserve Bank of India (RBI) has joined forces with four ASEAN countries—Malaysia, Philippines, Singapore, and Thailand—to create a multilateral platform for instantaneous cross-border retail payments. The initiative, called Project Nexus, aims to interlink domestic Fast Payment Systems (FPSs), including India’s Unified Payments Interface (UPI), to facilitate faster, cost-effective, and efficient cross-border transactions.

The Reserve Bank of India (RBI) has announced the launch of its third global hackathon, HaRBInger 2024 – Innovation for Transformation, aimed at encouraging innovative solutions in the financial technology sector.

The hackathon will focus on two major themes: “Zero Financial Frauds”, which seeks solutions for real-time fraud detection, prevention, and secure token-based transactions, and “Being Divyang Friendly”, aimed at helping visually impaired individuals accurately identify banknotes.