The Reserve Bank of India (RBI) has imposed penalties totalling ₹36.30 lakh on Airtel Payments Bank Ltd and two cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of ₹31.80 lakh has been levied on Airtel Payments Bank.
The other banks penalised include Uttar Pradesh-based Nagar Sahakari Bank Ltd and Karnataka-based Davanagere District Central Cooperative Bank Ltd.
Airtel Payments Bank has been penalised for non-compliance with RBI directions on disclosure in financial statements. A statutory inspection conducted by RBI with reference to the bank’s financial position as of 31 March 2025 revealed that the lender had failed to disclose certain complaints in its annual financial statements for FY24–25.
Further, Nagar Sahakari Bank has been fined ₹3 lakh for non-compliance with RBI directions relating to loans and advances to directors and their related entities, income recognition and asset classification norms for urban co-operative banks (UCBs), exposure norms and statutory restrictions, as well as know-your-customer (KYC) guidelines.
During its inspection, RBI found that Nagar Sahakari Bank had sanctioned loans to entities related to its directors, failed to classify certain credit facilities as non-performing assets (NPAs) in accordance with prescribed norms, breached regulatory limits for single borrower exposure and did not upload customers KYC records to the central KYC records registry (CKYCR).
Karnataka-based Davanagere District Central Cooperative Bank has been penalised ₹1.50 lakh for contravention of provisions of Section 19 of the Banking Regulation Act, 1949 and for non-compliance with RBI directions on KYC norms.
RBI found that Davanagere District Central Cooperative Bank had held shares in other cooperative societies in violation of the BR Act, allotted multiple customer identification codes to certain customers instead of assigning a unique customer identification code (UCIC), and failed to upload customers’ KYC records to the CKYCR within the prescribed timeline.
In all three cases, RBI clarified that the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce on the validity of any transactions or agreements entered into by these entities with their customers.
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