RBI fines Kuppam Co-operative Town Bank ₹5 lakh over regulatory violation

Reserve Bank of India (RBI) has fined The Kuppam Co-operative Town Bank, based in Chittoor district of Andhra Pradesh ₹5 lakh, a statement on Tuesday read. The action has been taken over contravention of certain provisions of the directions issued by RBI contained in the Master Circular on Income Recognition, Asset Classification, Provisioning and other related […]

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RBI extends curbs on UP-based People’s Co- operative Bank for 3 months

The Reserve Bank of India (RBI) has extended restrictions on People’s Co-operative Bank Limited, Kanpur, for a further period of three months from September 11 to December 10. The bank has been under restrictions since June 10, 2020, through the directives issued under Section 35A of the Banking Regulation Act, 1949 (AACS). “The validity of […]

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Reserve Bank of India Imposes Penalty Of ₹ 10 Crore On HDFC Bank

The Reserve Bank of India (RBI) on Friday, May 28, imposed a monetary penalty of ₹ 10 crore on HDFC Bank Limited for violation of provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949 (the Act). The central bank said in a statement today that this action is based on the deficiencies in regulatory compliance and is […]

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Banking Regulation Amendment Bill 2020: Check List of Benefits for Customers

Lok Sabha on Wednesday passed Banking Regulation Amendment Bill, 2020 to bring the cooperative banks under the supervision of the Reserve Bank of India. In the wake of deteriorating condition of cooperative banks in the country, the central government amended the Banking Regulation Act, 1949. “For the last two years, depositors of cooperative banks and small banks are facing […]

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