RBI's Enforcement Crackdown: 353 Penalties in 2024-25 Financial Year

The Reserve Bank of India (RBI) imposed 353 penalties totaling Rs 54.78 crore on regulated entities for non-compliance with statutory provisions in the fiscal year 2024-25. Key violations included cybersecurity frameworks, exposure norms, fraud reporting, and credit information submissions. Cooperative banks, NBFCs, housing finance companies, and both public and private banks faced penalties.

In a decisive move, the Reserve Bank of India (RBI) enacted enforcement measures against various regulated entities, imposing a total of 353 penalties amounting to Rs 54.78 crore during the fiscal year that concluded on March 31, 2025.

The contraventions identified were notably linked to cybersecurity protocols, exposure norms, fraudulent activity classification and reporting, and obligations regarding credit information submission, as per RBI's latest annual report.

A significant portion of penalties targeted cooperative banks, non-banking financial companies, asset reconstruction companies, and housing finance companies. Public and private sector banks were not spared, with substantial fines levied on them as well.

(With inputs from agencies.)