The enforcement actions have been taken towards banks, non-banking monetary corporations (NBFCs), asset reconstruction corporations (ARCs), housing finance corporations, and cooperative banks for non-compliance in areas together with cyber safety, publicity norms, revenue recognition and asset classification (IRAC), Know Your Buyer (KYC) tips, fraud classification and reporting, submission of knowledge to the Central Repository of Data on Massive Credit (CRILC), and credit score data reporting to credit score data corporations (CICs).
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“Throughout 2024-25, the Division undertook enforcement motion towards REs and imposed 353 penalties aggregating to ₹54.78 crore for contraventions/non-compliance with provisions of statutes and sure instructions issued by the Reserve Financial institution every now and then,” the RBI mentioned in its Annual Report for 2024–25.
In keeping with the information, cooperative banks have been essentially the most penalised class, with 264 penalties amounting to ₹15.63 crore. The central financial institution additionally took motion towards 37 NBFCs and ARCs, imposing penalties totalling ₹7.29 crore.
Moreover, 13 housing finance corporations have been fined a mixed ₹83 lakh.
Amongst industrial banks, eight public sector banks confronted penalties totaling ₹11.11 crore, whereas 15 non-public sector banks have been fined ₹14.8 crore. The RBI additionally penalised six overseas banks in the course of the fiscal yr.
With inputs from PTI
