Overview
- The penalty was ordered on December 11, 2025, and totals Rs 61.95 lakh.
- RBI’s action followed its Statutory Inspection for Supervisory Evaluation (ISE 2024) referencing the bank’s position as of March 31, 2024.
- Inspectors found multiple Basic Savings Bank Deposit accounts were opened for customers who already held such accounts.
- The bank’s business correspondent arrangements covered activities beyond the permitted scope, and borrower data sent to credit bureaus was inaccurate.
- After reviewing a show-cause response and additional submissions, the RBI sustained the charges and said the measure does not question customer transactions or agreements.