Mumbai, June 5, 2025 — The Reserve Bank of India (RBI) has imposed monetary penalties on three financial institutions for non-compliance with various regulatory norms. The violations range from unauthorized acceptance of public deposits to serious lapses in Know Your Customer (KYC) procedures and lending practices.
PayMe India Financial Services Penalized ₹2 Lakh
PayMe India was found guilty of accepting public deposits in violation of its Certificate of Registration (CoR) under Section 45IA(5) of the RBI Act, 1934. Additionally, the company altered its shareholding structure — exceeding the 26% threshold — without the RBI’s prior written approval, resulting in a ₹2 lakh penalty.
Ratanchand Shah Sahakari Bank, Maharashtra Fined ₹2 Lakh
The cooperative bank, located in Mangalwedha, Maharashtra, violated KYC norms and guidelines under the Supervisory Action Framework (SAF). RBI found irregularities such as offering unauthorized interest rates, exceeding single borrower exposure limits, and issuing multiple Customer Identification Codes (CICs) instead of a unified UCIC.
Poornawadi Nagarik Sahakari Bank, Beed Fined ₹1 Lakh
The Beed-based bank breached rules related to gold loans and KYC compliance. It granted gold loans beyond the permissible Loan-to-Value (LTV) ratio and failed to update KYC data of certain clients to the Central KYC Registry on time.
The RBI emphasized that the penalties are strictly administrative in nature and do not cast doubt on the validity of any individual transactions or customer relationships.
