RBI imposes monetary penalty on District Central Co-operative Bank Ltd., Durg, Chhattisgarh
Case Brief
By an order dated June 30, 2025, RBI imposed a monetary penalty of ₹1.00 lakh on District Central Co-operative Bank Ltd., Durg, Chhattisgarh. The penalty was imposed after NABARD's statutory inspection and RBI's supervisory review found non-compliance with KYC directions, including delays in uploading KYC records to CKYCR, failure to periodically update KYC for some customers, and issuance of multiple customer identification codes instead of a UCIC.
RBI imposed a monetary penalty under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after a statutory inspection by NABARD and supervisory findings showed non-compliance with RBI's KYC directions. The sustained charges were: delayed/non-upload of certain customers' KYC records to the Central KYC Records Registry, failure to carry out periodic updation of KYC for some customers as per prescribed periodicity, and allotment of multiple customer identification codes to certain individual customers instead of a Unique Customer Identification Code (UCIC).
Severity Assessment
This is a monetary penalty of ₹1 lakh, which falls in the lowest monetary band and carries no additional operational restriction.
The bank must absorb the penalty and address the identified KYC control weaknesses. Forward-looking impact is limited to compliance and supervisory consequences; the release does not impose any new business restriction on customers or operations beyond the monetary penalty.
Published as District Central Co-operative Bank Ltd., Durg, Chhattisgarh
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