RBI Penalizes Ebix Payment Services & Banks

Mumbai, Apr 23 (PTI) The Reserve Bank of India (RBI) on Thursday said it has imposed a penalty of Rs 80,000 on Ebix Payment Services for non-compliance with certain directions, according to a release.

The penalty was imposed by an order dated April 17, 2026, as company had failed to carry out risk categorisation of its customers, the RBI said in a release.

The central bank also imposed Rs 80,000 penalty on Dr Babasaheb Ambedkar Nagari Sahakari Bank and Rs 1 lakh on Hardoi Jilla Sahkari Bank.

The penalty on Hardoi Jilla Sahkari Bank was imposed bank failed to put in place a system of periodic review of risk categorisation of accounts, with such periodicity being at least once in six months.


Dr Babasaheb Ambedkar Nagari Sahakari Bank was penalised as it failed to adhere

to directions issued under Supervisory Action Framework (SAF) on the regulatory ceiling on certain advances and offered interest rates on certain deposits higher than those offered by the State Bank of India, the RBI said.

In a separate release, the RBI approved amalgamation of The Mekhar Urban Co-op Bank with Nagpur Nagarik Sahakari Bank. The Scheme will come into effect from April 24.

All branches of The Mekhar Urban Co-op Bank will function as branches of Nagpur Nagarik Sahakari Bank with effect from April 24, the RBI said in the release.