The Reserve Bank of India (RBI) vide its communication dated October 13, 2023, has imposed an aggregate monetary penalty of INR 6.4 million (Rupees Sixty Four Lakh only) on RBL Bank Limited (the Bank). As per the said order, the penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949 (Act), for non-compliance with certain directions of Reserve Bank of India (Prior approval for acquisition of shares or voting rights in private sector banks) Directions, 2015 w.r.t (i) INR 3.2 million (Rupees Thirty Two Lakh only) for failure to obtain annual declaration in Form B from its major shareholder for financial years 2017-18, 2018-19 and 2019-20 and (ii) INR 3.2 million (Rupees Thirty Two Lakh only) for failure to furnish certificate regarding continuance of the fit and proper status of the major shareholder to RBI by the end of September of the said three financial years.