Regulatory Alerts2026-08-10
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RBI imposes monetary penalty on The Amravati District Central Co-operative Bank Ltd., Maharashtra
The Reserve Bank of India imposed a monetary penalty of ₹50,000 on The Amravati District Central Co-operative Bank Ltd., Maharashtra, for non-compliance with directions on Know Your Customer (KYC) and bank charges. The penalty addresses the bank's allotment of multiple customer identification codes instead of a Unique Customer Identification Code (UCIC) and the levying of SMS alert charges without sending SMS messages to certain customers. This action was taken under sections 47A(1)(c), 46(4)(i), and 56 of the Banking Regulation Act, 1949, following a statutory inspection by NABARD and subsequent supervisory findings.
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