RBI imposes monetary penalty on Dharmavir Sambhaji Urban Cooperative Bank Ltd., Pune, Maharashtra
Case Brief
The Reserve Bank of India imposed a monetary penalty on Dharmavir Sambhaji Urban Cooperative Bank Ltd., Pune, Maharashtra, after a statutory inspection found a breach of RBI’s KYC directions. RBI said the bank failed to upload customer KYC records to the Central KYC Records Registry within the required timeline, and the penalty was imposed under the Banking Regulation Act, 1949.
RBI imposed a monetary penalty after a statutory inspection found non-compliance with RBI directions on Know Your Customer (KYC). The sustained charge was that Dharmavir Sambhaji Urban Cooperative Bank Ltd. failed to upload customer KYC records to the Central KYC Records Registry (CKYCR) within the prescribed timeline. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Severity Assessment
The action is a small monetary penalty of ₹10,000, which falls in the lowest fine band and has no broader operational restriction.
The bank must absorb the monetary penalty and continue complying with RBI’s KYC directions, including timely CKYCR uploads. The action does not invalidate customer transactions, but it signals supervisory non-compliance and may be followed by further regulatory action if issues persist.
Published as Dharmavir Sambhaji Urban Cooperative Bank Ltd., Pune, Maharashtra
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