The contraventions/non-compliance were related to cyber security framework in banks; exposure norms and IRAC norms; know your customer directions; frauds classification and reporting directions; reporting information on CRILC; and submission of credit information to credit information companies (CICs).
“During 2024-25, the Department undertook enforcement action against REs and imposed 353 penalties aggregating to Rs 54.78 crore for contraventions/non-compliance with provisions of statutes and certain directions issued by the Reserve Bank from time to time,” according to the RBI’s Annual Report for the Year 2024-25 released on Thursday.
Moreover, the RBI imposed penalties on 37 non-banking financial companies/asset reconstruction companies totalling Rs 7.29 crore and 13 housing finance companies (Rs 83 lakh).
As many as six foreign banks too were penalised.
