Allahabad Bank

RBI imposed monetary penalties on seven banks for non-compliance with multiple RBI directions. The action was taken under the Banking Regulation Act after scrutiny and show-cause proceedings.

Each named bank must absorb the monetary penalty and address the compliance weaknesses identified by RBI. The order does not invalidate customer transactions, but it signals supervisory concerns and may lead to tighter internal controls and future scrutiny.

• Section 47A(1)(c)
• Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949

This RBI action affected 7 entities. This profile is linked as primary.

RBI imposed monetary penalties on four banks for non-compliance with KYC/AML directions and rules on opening current accounts. The penalties were levied after show-cause notices and hearings.

The four banks must absorb the penalty and continue operating, but the order records regulatory non-compliance. The action has no stated customer-level transaction invalidation, and RBI explicitly says it is not pronouncing on the validity of any transaction or agreement entered into with customers.

• Section 47A(1)(c)
• Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 4 entities. This profile is linked as primary.

RBI imposed monetary penalties on 36 banks for non-compliance with SWIFT-related operational control directions. The penalties were issued by orders dated January 31 and February 25, 2019.

The penalized banks must absorb the financial penalty and continue improving compliance with SWIFT-related controls. RBI also stated it will continue to closely monitor adherence to these controls on an ongoing basis; the action does not pronounce on the validity of customer transactions or agreements.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 36 entities. This profile is linked as bulk member.

RBI imposed monetary penalties on four banks, including Allahabad Bank, Andhra Bank, Bank of Maharashtra, and Indian Overseas Bank. The penalties were for non-compliance with several RBI directions.

The four banks must absorb the monetary penalties and address the compliance deficiencies identified by RBI. The action does not itself restrict operations, but it signals continued supervisory scrutiny over their internal controls and regulatory adherence.

• Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 4 entities. This profile is linked as primary.

RBI imposed monetary penalties on 13 banks for KYC/AML and related regulatory violations. The scrutiny also found issues around account monitoring, STR filing, and FEMA-related compliance.

The penalised banks must absorb the monetary penalties and address the compliance gaps identified by the RBI, particularly around KYC, transaction monitoring, STR reporting, and FEMA-related controls. The eight other banks named in the release were not penalised, but were advised to strengthen measures and periodically review compliance processes on an ongoing basis.

• Section 47(A) (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 21 entities. This profile is linked as primary.

RBI imposed monetary penalties on six banks for violations of KYC/AML-related instructions. The banks were found to have lapses in customer identification, risk profiling, KYC updation and CTR filing.

The penalised banks must absorb the monetary sanction and address the compliance shortcomings identified by RBI, especially around KYC/AML controls, customer due diligence, and transaction monitoring. The action has no stated forward restriction on operations, but it signals heightened supervisory scrutiny and the need for stronger internal controls. Depositors and customers are indirectly affected through tighter compliance processes and monitoring.

• Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949

This RBI action affected 6 entities. This profile is linked as primary.