The Reserve Bank of India (RBI) penalized five banks, including Punjab National Bank (PNB), in the first week of July for non-compliance with various RBI directions.
PNB became the fifth bank to be penalized, with a penalty of Rs 1.31 crore. This penalty was imposed for non-compliance with RBI directions regarding ‘Loans and Advances: Statutory and Other Restrictions’ and the ‘Reserve Bank of India (Know Your Customer (KYC) Direction, 2016.’
Before PNB, the RBI penalized four cooperative banks with various penalty amounts. These banks include The Gujarat Rajya Karmachari Co-operative Bank, Gujarat; The Rohika Central Co-operative Bank, Madhubani, Bihar; The National Co-operative Bank, Mumbai, Maharashtra; and The Bank Employees’ Co-operative Bank, West Bengal.

PNB
1) established in 1894

(2)also know as 1st Swadeshi Bank of India

3.) Formed in Lahore, Pak.

(4) 1st Alc Holder = Lala Lajpal Rai

5) Present H.Q. = New Delhi

6) Ownership(money) = British
But Management = Indians

Local Area Banks:LABs
1. Can have maximum offices in 3 districts.

2. At present only 2 LABS are in India
A.costal area lab
b.krishna bhima lab

3. These are non scheduled banks.

4. Minimum Capital required = 5 crore

Small Finance Bank:

1) Committee : Usha Thorat


2.)Minimum Capital = 200 cr

3) Total sfbs in India = 12

4) 1st small finance Bank = Capital SFB


(5) Latest SFB= Unity SFB.

(12th)

RRBs =

1) कमेटी = Narsimhan


2) 1975= 5 RRB

3.) 1st RRB = प्रथमा UP ग्रामीण बैंक)

4) Total at present = 43

5. Capital is contributed by~

•Central government -50%

•State government-15%

•Sponsored bank(can be public sector or private sector)- 35%

Payment Banks in India:

Introduced based on recommendations by the Nachiket Mor Committee in 2013.

Aim: Promote financial inclusion for unbanked segments like low-income households, small businesses, and migrant workers.

Key Features:
Offer basic banking services like savings accounts & money transfers.
Limited deposit amount: Up to ₹2 lakh per customer (subject to change by RBI).
Cannot issue loans or credit cards.
Offer debit cards and mobile banking facilities.
Partner with existing banks for some services.
Current Status (as of July 2024):
Six operational payment banks in India:
Airtel Payments Bank
Jio Payments Bank
India Post Payments Bank (IPPB)
Fino Payments Bank
Paytm Payments Bank
NSDL Payments Bank
Function under regulations set by the Reserve Bank of India (RBI).

Note: These payment banks cannot use the term "bank" alone in their names. They must include "Payments Bank" for clear distinction.

One 97 Communications Ltd, the parent company of Paytm, a payments and financial services distribution company in India, has launched the country’s first ‘Paytm NFC Card Soundbox’. This payment device is designed to integrate ‘near field communication’ (NFC) technology with mobile QR payments. This means, the soundbox will also serve as a card payment machine as well as a receipt announcer, which could provide an efficient solution for card payments to millions of offline merchants.
The Paytm NFC card soundbox incorporates NFC card payment technology. This will allow small shops to accept a range of payments, including credit and debit cards as well as Unified Payments Interface (UPI). Customers will be able to tap their card or scan a QR code to make payments, aimed to improve payment convenience and speed.

Mridu Pawan Das presently Joint Secretary in the Ministry, has been appointed as the next High Commissioner of India to the Republic of Rwanda: MEA