While banks are permitted to offer incentives to certain staff members who promote particular goods, this practice shouldn’t extend to essential products like deposits and loans.
The Reserve Bank of India (RBI) is cracking down on banks that are using questionable methods to incentivize employees and attract more business.
The RBI has levied penalties on banks in 2024 like HDFC Bank and Axis Bank for offering improper incentives, such as gifts and international trips, to employees and depositors.
HDFC Bank was fined Rs 1 crore by the central bank on September 10th for numerous infractions of regulations. Offering incentives to depositors was connected to one of these infractions.
The RBI’s guidelines prohibit banks from offering prizes, lotteries, or free trips to mobilize deposits. While banks can provide incentives for specific products, these should not apply to core banking products like loans and deposits. The RBI regularly monitors banks’ incentive schemes and addresses any issues through its supervisory framework.
RBI penalty on banks 2024 list
Rbi penalty on banks 2024 list india
Rbi penalty on banks 2024 list west bengal
| September 09, 2024 | |||||||
 |
RBI imposes monetary penalty on Samarth Sahakari Bank Limited, Solapur, Maharashtra | ||||||
| September 09, 2024 | |||||||
|
RBI imposes monetary penalty on Samarth Sahakari Bank Limited, Solapur, Maharashtra | ||||||
| September 02, 2024 | |||||||
|
RBI imposes monetary penalty on RAR Fincare Limited, Chennai, Tamil Nadu | ||||||
| August 27, 2024 | |||||||
|
RBI imposes monetary penalty on The Urban Co-operative Bank Ltd., Cuttack | ||||||
| August 22, 2024 | |||||||
|
RBI imposes monetary penalty on The Co-operative Bank of Rajkot Ltd., Rajkot, Gujarat | ||||||
|
RBI imposes monetary penalty on The Gandhidham Mercantile Co-operative Bank Limited, Kachchh, Gujarat | ||||||
|
RBI imposes monetary penalty on The Nashik Jilha Mahila Sahakari Bank Ltd, Nashik, Maharashtra | ||||||
|
RBI imposes monetary penalty on Maharashtra Nagari Sahakari Bank Limited, Latur, Maharashtra | ||||||
| August 08, 2024 | |||||||
|
RBI imposes monetary penalty on Nidhi Co-operative Bank Ltd., Ahmedabad, Gujarat | ||||||
| August 01, 2024 | |||||||
|
RBI imposes monetary penalty on Nagnath Urban Co-operative Bank Limited, Hingoli, Maharashtra | ||||||
|
RBI imposes monetary penalty on Shrikrishna Co-operative Bank Limited, Umrer, Maharashtra | ||||||
|
RBI imposes monetary penalty on Alibag Co-operative Urban Bank Limited, Alibag, Maharashtra | ||||||
|
RBI imposes monetary penalty on The Hindusthan Co-operative Bank Limited, Mumbai, Maharashtra | ||||||
| July 18, 2024 | |||||||
|
RBI imposes monetary penalty on Chandrapur District Central Co-operative Bank Limited, Chandrapur, Maharashtra | ||||||
|
RBI imposes monetary penalty on Sree Harihareshwara Urban Co-operative Bank Limited, Harihar, Karnataka | ||||||
|
RBI imposes monetary penalty on The District Co-operative Central Bank Limited, Vizianagaram, Andhra Pradesh | ||||||
| July 15, 2024 | |||||||
|
RBI imposes monetary penalty on Sivagangai District Central Co-operative Bank Limited, Sivagangai, Tamil Nadu | ||||||
| July 12, 2024 | |||||||
|
RBI imposes monetary penalty on Pusad Urban Co-operative Bank Ltd., Pusad, Maharashtra | ||||||
| July 01, 2024 | |||||||
|
RBI imposes monetary penalty on The Bank Employees’ Co-operative Bank Ltd., West Bengal | ||||||
|
RBI imposes monetary penalty on The Gujarat Rajya Karmachari Co-operative Bank Ltd., Ahmedabad, Gujarat | ||||||
| June 24, 2024 | |||||||
|
RBI imposes monetary penalty on The Hirasugar Employees’ Co-operative Bank Limited, Belagavi, Karnataka | ||||||
| June 13, 2024 | |||||||
|
RBI imposes monetary penalty on Gujarat Ambuja Co-operative Bank Ltd., Ahmedabad, Gujarat | ||||||
|
RBI imposes monetary penalty on The Kancheepuram Central Co-operative Bank Ltd., Kancheepuram, Tamil Nadu | ||||||
|
RBI imposes monetary penalty on Ramanagaram Urban Co-operative Bank Limited, Karnataka | ||||||
| June 10, 2024 | |||||||
|
RBI imposes monetary penalty on The Prakasam District Co-operative Central Bank Ltd, Ongole, Andhra Pradesh | ||||||
|
RBI imposes monetary penalty on Vishwakalyan Sahakara Bank Niyamit, Hubli, Karnataka | ||||||
|
RBI imposes monetary penalty on The Angul United Central Co-operative Bank Ltd., Odisha | ||||||
| June 03, 2024 | |||||||
|
RBI imposes monetary penalty on The Ron Taluka Primary Teachers Co-operative Bank Ltd., Ron, Karnataka | ||||||
|
RBI imposes monetary penalty on The Bavla Nagarik Sahakari Bank Ltd., Dist. Ahmedabad, Gujarat | ||||||
| May 27, 2024 | |||||||
|
RBI imposes monetary penalty on The Gandhinagar Urban Co-operative Bank Ltd., Gandhinagar, Gujarat | ||||||
| May 16, 2024 | |||||||
|
RBI imposes monetary penalty on The Bapunagar Mahila Co-operative Bank Ltd., Ahmedabad, Gujarat | ||||||
|
RBI imposes monetary penalty on The Sutex Co-operative Bank Ltd., Surat, Gujarat | ||||||
| May 14, 2024 | |||||||
|
RBI imposes monetary penalty on The Vaijapur Merchants Co-operative Bank Ltd., Vaijapur, Maharashtra | ||||||
| May 09, 2024 | |||||||
|
RBI imposes monetary penalty on Thoothukudi District Central Co-operative Bank Ltd., Thoothukudi, Tamil Nadu | ||||||
| May 06, 2024 | |||||||
|
RBI imposes monetary penalty on Odisha Gramya Bank, Odisha | ||||||
| May 02, 2024 | |||||||
|
RBI imposes monetary penalty on Lokmangal Co-operative Bank Limited, Solapur, Maharashtra | ||||||
|
RBI imposes monetary penalty on The Udgir Urban Co-operative Bank Limited, Udgir, Maharashtra | ||||||
| April 29, 2024 | |||||||
|
RBI imposes monetary penalty on Samarth Sahakari Bank Limited, Solapur, Maharashtra | ||||||
|
RBI imposes monetary penalty on Indira Mahila Sahakari Bank Limited, Malegaon, Maharashtra | ||||||
|
RBI imposes monetary penalty on The Chitradurga District Co-operative Central Bank Limited, Chitradurga, Karnataka | ||||||
| April 25, 2024 | |||||||
|
RBI imposes monetary penalty on The Bishnupur Town Cooperative Bank Ltd., West Bengal | ||||||
|
RBI imposes monetary penalty on Dr. Jaiprakash Mundada Urban Co-operative Bank Limited, Hingoli, Maharashtra | ||||||
| April 22, 2024 | |||||||
|
RBI imposes monetary penalty on Ambarnath Jai Hind Co-operative Bank Limited, Ambarnath, Maharashtra | ||||||
|
RBI imposes monetary penalty on The Panvel Co-operative Urban Bank Ltd., Raigad, Maharashtra | ||||||
|
RBI imposes monetary penalty on The Nakodar Hindu Urban Co-operative Bank Limited, Nakodar | ||||||
| April 04, 2024 | |||||||
|
RBI imposes monetary penalty on Tirumangalam Co-operative Urban Bank Ltd., Tirumangalam, Tamil Nadu | ||||||
|
RBI imposes monetary penalty on The Tirupattur Urban Co-operative Bank Ltd., Tirupattur, Tamil Nadu | ||||||
| March 27, 2024 | |||||||
|
RBI imposes monetary penalty on The Rajapalayam Co-operative Urban Bank Ltd., Rajapalayam, Tamil Nadu | ||||||
|
RBI imposes monetary penalty on The Howrah District Central Co-operative Bank Ltd., Howrah, West Bengal | ||||||
|
RBI imposes monetary penalty on Standard Urban Co-operative Bank Limited Aurangabad (MH) | ||||||
| March 26, 2024 | |||||||
|
RBI imposes monetary penalty on Chikkamagaluru District Cooperative Central Bank Ltd., Chikkamagaluru, Karnataka | ||||||
|
RBI imposes monetary penalty on The Dindigul Urban Co-operative Bank Ltd., Dindigul, Tamil Nadu | ||||||
| March 21, 2024 | |||||||
|
RBI imposes monetary penalty on Janata Co-operative Bank Limited, Malegaon, Nashik, Maharashtra | ||||||
| Feburary 29, 2024 | |||||||
|
RBI imposes monetary penalty on Solapur District Central Co-operative Bank Limited, Solapur, Maharashtra | ||||||
| Feburary 22, 2024 | |||||||
|
RBI imposes monetary penalty on Janseva Co-operative Bank Limited, Nashik, Maharashtra | ||||||
|
RBI imposes monetary penalty on Hanamasagar Urban Co-operative Bank Ltd., Hanamasagar, Karnataka | ||||||
|
RBI imposes monetary penalty on The Adinath Co-Operative Bank Limited, Dist. Surat, Gujarat | ||||||
| Feburary 12, 2024 | |||||||
|
RBI imposes monetary penalty on Pusad Urban Co-operative Bank Ltd., Pusad, Maharashtra | ||||||
|
RBI imposes monetary penalty on The Anjangaon Surji Nagari Sahakari Bank Limited, Anjangaon Surji, Maharashtra | ||||||
| Feburary 08, 2024 | |||||||
|
RBI imposes monetary penalty on The Nakodar Hindu Urban Cooperative Bank Ltd., Nakodar, Dist. Jalandhar, Punjab | ||||||
|
RBI imposes monetary penalty on The Navnirman Co-operative Bank Ltd., Ahmedabad, Gujarat | ||||||
| Feburary 01, 2024 | |||||||
|
RBI imposes monetary penalty on Janata Sahakari Bank Limited, Amravati, Maharashtra | ||||||
|
RBI imposes monetary penalty on Nashik Zilha Sarkari & Parishad Karmachari Sahakari Bank Niyamit, Nashik, Maharashtra | ||||||
|
RBI imposes monetary penalty on The Shirpur Peoples Co-operative Bank Ltd., Dhule (Maharashtra) | ||||||
| January 29, 2024 | |||||||
|
RBI imposes monetary penalty on Mula Sahakari Bank Limited, Sonai, Dist. Ahmednagar, Maharashtra | ||||||
|
RBI imposes monetary penalty on Dr. Panjabrao Deshmukh Urban Co-operative Bank Limited, Amravati, Maharashtra | ||||||
|
RBI imposes monetary penalty on Krushiseva Urban Co-operative Bank Limited, Kole, Solapur, Maharashtra | ||||||
| January 18, 2024 | |||||||
|
RBI imposes monetary penalty on Mehsana Nagrik Sahakari Bank Limited, Mehsana, Gujarat | ||||||
|
RBI imposes monetary penalty on The Patdi Nagarik Sahakari Bank Limited, Patdi, Dist. Surendranagar, Gujarat | ||||||
|
RBI imposes monetary penalty on The Idar Nagarik Sahakari Bank Limited, Idar, Dist. Sabarkantha, Gujarat | ||||||
| January 08, 2024 | |||||||
|
RBI imposes monetary penalty on The Subramanianagar Co-operative Urban Bank Ltd., Salem, Tamil Nadu | ||||||
|
RBI imposes monetary penalty on The Stambhadri Co-operative Urban Bank Ltd., Khammam, Telangana | ||||||
|
RBI imposes monetary penalty on The Mehsana Jilla Panchayat Karmachari Co-operative Bank Ltd., Mehsana, Gujarat | ||||||
|
RBI imposes monetary penalty on Navsarjan Industrial Co-operative Bank Ltd., Ankleshwar, dist. Bharuch, Gujarat | ||||||
|
RBI imposes monetary penalty on The Halol Urban Co-operative Bank Ltd., Panchmahal, Gujarat | ||||||
| January 04, 2024 | |||||||
|
RBI imposes monetary penalty on The Co-operative Urban Bank Limited, Parlakhemundi, Odisha | ||||||
|
RBI imposes monetary penalty on The Bhuj Commercial Co-operative Bank Limited, Dist. Kachchh, Gujarat | ||||||
|
RBI imposes monetary penalty on The Sankheda Nagarik Sahakari Bank Limited, Sankheda, Dist. Chhotaudepur, Gujarat | ||||||
|
RBI imposes monetary penalty on The Limdi Urban Co-operative Bank Limited, Limdi, dist. Dahod, Gujarat | ||||||
|
RBI imposes monetary penalty on Shree Bharat Co-operative Bank Limited, Vadodara, Gujarat | ||||||