Equitas Small Finance Bank Limited

RBI has imposed a ₹65 lakh penalty on Equitas Small Finance Bank Limited for non-compliance with directions on foreclosure charges and collateral-free agricultural loans.

The bank must absorb the monetary penalty and remain compliant with RBI directions on foreclosure charges and collateral-free agricultural lending. The order does not itself suspend or restrict operations, but it records supervisory non-compliance and leaves RBI free to consider any further action.

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

RBI imposed a ₹10 lakh penalty on Equitas Small Finance Bank Limited for violating a licensing condition. The bank had rolled out mutual fund, pension, insurance, and portfolio management products without prior RBI approval.

The bank must bear the monetary penalty and the finding of non-compliance remains on record. The action does not invalidate customer transactions, but it reinforces RBI's licensing oversight expectations for the bank's product rollout and compliance processes.

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