RBI Penalties on PayMe India and Two Cooperative Banks
Why in the news
RBI penalised three entities for lapses on deposits, KYC and supervisory norms.
| Entity | Fine | Lapses |
|---|---|---|
| PayMe India Financial Services | ₹2 lakh | Public deposits against its CoR conditions (Section 45IA(5), RBI Act, 1934); shareholding shift over 26% without approval |
| Ratanchand Shah Sahakari Bank, Mangalwedha | ₹2 lakh | KYC and SAF breaches; high deposit rates; single-borrower limit exceeded; multiple CICs instead of one UCIC |
| Poornawadi Nagarik Sahakari Bank, Beed | ₹1 lakh | Advanced management and KYC lapses; gold loans above LTV limits; late Central KYC Registry uploads |
Related action
- May 2025: SBI fined ₹1.72 crore; Jana Small Finance Bank fined ₹1 crore.
Exam angle
- Terms: CoR, SAF, UCIC, LTV.
- Both co-operative banks are in Maharashtra.