Regulatory Alerts2026-08-31
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RBI imposes monetary penalty on The Mumbai District Central Co-operative Bank Ltd., Maharashtra
The Reserve Bank of India imposes a monetary penalty of ₹20,000 on The Mumbai District Central Co-operative Bank Ltd. for failing to upload customer Know Your Customer records onto the Central KYC Records Registry within the prescribed timeline. This action follows a statutory inspection by NABARD and supervisory findings regarding non-compliance with RBI directions. The penalty is imposed under Sections 47A(1)(c), 46(4)(i), and 56 of the Banking Regulation Act, 1949.
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( 351 kb ) Date : Aug 31, 2026 RBI imposes monetary penalty on The Mumbai District Central Co-operative Bank Ltd., Maharashtra The Reserve Bank of India (RBI) has, by an order dated August 25, 2026, imposed a monetary penalty of ₹20,000/- (Rupees Twenty Thousand only) on The Mumbai District Central Co-operative Bank Ltd., Maharashtra (the bank) for non-compliance with certain directions issued by RBI on Know Your Customer (KYC). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2025. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provisions. After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:
The bank had failed to upload the KYC records of customers onto Central KYC Records Registry (CKYCR) within the prescribed timeline.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.
(Brij Raj)
Chief General Manager
Press Release: 2026-2027/1004
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