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Supervisory Action against Kotak Mahindra Bank Limited under Section 35A of the Banking Regulation Act, 1949 The Reserve Bank of India has today, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, directed Kotak Mahindra Bank Limited (hereinafter referred to as...

The Reserve Bank of India has today, in exercise of its powers under section 45L(1)(b) of the Reserve Bank of India Act, 1934, has directed Bajaj Finance Ltd. (“the company”) to stop sanction and disbursal of loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’, with immediate...

The RBI imposed a penalty on Manappuram Finance Ltd. for not paying excess amounts recovered from the auction of gold of defaulting customers to customers. The Reserve Bank of India (RBI) has, by an order dated October 31, 2023, imposed a monetary penalty of ₹42.78 lakh (Rupees Forty two lakh...

Action against Bank of Baroda under section 35A of the Banking Regulation Act, 1949 The Reserve Bank of India has, in exercise of its power, under section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their...