MUMBAI: The Reserve Bank took enforcement action against regulated entities (REs) and imposed 353 penalties aggregating to Rs 54.78 crore in the fiscal ending March 31, 2025 for contraventions with provisions of statutes.

The contraventions/non-compliance were related to cyber security framework in banks; exposure norms and IRAC norms; know your customer directions; frauds classification and reporting directions; reporting information on CRILC; and submission of credit information to credit information companies (CICs).

"During 2024-25, the Department undertook enforcement action against REs and imposed 353 penalties aggregating to Rs 54.78 crore for contraventions/non-compliance with provisions of statutes and certain directions issued by the Reserve Bank from time to time," according to the RBI's Annual Report for the Year 2024-25 released on Thursday.

RBI data showed that as many as 264 penalties amounting to Rs 15.63 crore were imposed on cooperative banks.

Moreover, the RBI imposed penalties on 37 non-banking financial companies/asset reconstruction companies totalling Rs 7.29 crore and 13 housing finance companies (Rs 83 lakh).

During the last fiscal, penalties aggregating to Rs 11.11 crore were imposed on eight public sector banks and Rs 14.8 crore on 15 private banks.

As many as six foreign banks too were penalised.