RBI’s Big Move: Licence Cancelled, 3 Banks Fined ₹1.29 Cr #rbinews

In a sweeping action, the Reserve Bank of India has cancelled the banking licence of Shankarrao Mohite Patil Sahakari Bank Ltd. due to inadequate capital and poor prospects, halting its operations from April 11, 2025 . At the same time, RBI slapped monetary penalties on Kotak Mahindra Bank (₹61.40 lakh), IDFC First Bank (₹38.60 lakh), and Punjab National Bank (₹29.60 lakh) for lapses in loan system compliance, KYC violations, and customer‑service norms . Learn which banks were targeted, why these steps were taken, and how depositors and customers will be affected by RBI’s latest enforcement drive.

Topics Covered

1. Licence Cancellation: Why Shankarrao Mohite Patil Sahakari Bank’s CoR was revoked and its banking operations suspended
2. Kotak Mahindra Bank Penalty: Details of the ₹61.40 lakh fine for non‑compliance with loan‑system and statutory restrictions
3. IDFC First Bank Penalty: The ₹38.60 lakh penalty for KYC breaches and inadequate customer due diligence
4. PNB Penalty: How Punjab National Bank was fined ₹29.60 lakh for failing to adhere to customer‑service guidelines
5. RBI’s Rationale: RBI’s emphasis on capital adequacy, governance, and customer protection as the basis for these actions
6. Impact on Customers: What licence cancellation means for depositors’ funds and how the Deposit Insurance and Credit Guarantee Corporation (DICGC) will step in
7. Operational Consequences: Suspension of banking functions at the co‑op bank and potential delays or inconveniences for its customers
8. Reputation & Confidence: How penalties on three large banks serve as a warning and affect public trust in the banking system
9. Regulatory Outlook: The broader message from RBI on enforcing compliance and the likelihood of similar actions ahead
10. Customer Guidance: Practical steps for account‑holders to safeguard their interests and navigate these changes safely
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