MUMBAI, India, March 20 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated March 18, 2025, imposed a monetary penalty of ₹1.30 lakh (Rupees One Lakh Thirty Thousand only) on Sind Co-operative Urban Bank Ltd., Telangana (the bank) for non-compliance with certain directions issued by RBI on 'Priority Sector Lending (PSL) - Targets and Classification' and specific directions issued by RBI on making contribution to Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL. 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 56 of the Banking Regulation Ac...