Monetary Penalty on Dharmavir Sambhaji Urban Cooperative Bank Ltd.
RBI press-release 2026-2027/592 · 02 Jul 2026
Official title
RBI imposes monetary penalty on Dharmavir Sambhaji Urban Cooperative Bank Ltd., Pune, Maharashtra
RBI press-release 2026-2027/592 · 02 Jul 2026
Official title
RBI imposes monetary penalty on Dharmavir Sambhaji Urban Cooperative Bank Ltd., Pune, Maharashtra
Summary
Check the official recordThe Reserve Bank of India imposes a monetary penalty of 10,000 rupees on Dharmavir Sambhaji Urban Cooperative Bank Ltd., Pune, Maharashtra. The bank failed to upload customer Know Your Customer records to the Central KYC Records Registry within the prescribed timeline. This action follows a statutory inspection of the bank financial position as of March 31, 2025. The Reserve Bank of India issued a show cause notice to the bank regarding this non-compliance. The bank provided a reply and attended a personal hearing. The Reserve Bank of India determined the charge was sustained. This penalty does not affect the validity of any transaction or agreement between the bank and its customers.
Key dates
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July 2, 2026
RBI imposes monetary penalty on Dharmavir Sambhaji Urban Cooperative Bank Ltd., Pune, Maharashtra
The Reserve Bank of India (RBI) has, by an order dated June 29, 2026, imposed a monetary penalty of ₹10,000/- (Rupees Ten Thousand only) on Dharmavir Sambhaji Urban Cooperative Bank Ltd., Pune, 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 RBI 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 directions. After considering the bank’s reply to the notice 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)
Press Release: 2026-2027/592 Chief General Manager ᮧेस ᮧकाशनी PRESS RELEASE
भारतीय ᳯरज़वर् बᱹक
RESERVE BANK OF INDIA
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