India, April 4 -- The Reserve Bank of India (RBI) has, by an order dated March 28, 2025, imposed a monetary penalty of ?36.40 lakh (Rupees Thirty Six Lakh and Forty Thousand only) on Aryavart Bank, Lucknow (the bank) for contravention of provisions of Section 26A read with Section 51(1) of of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the BR Act.
The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. Based on supervisory findings of contravention of statutory provisions...