Monetary Penalty on The Amravati District Central Co-operative Bank Ltd.
RBI press-release 2026-2027/853 · 10 Aug 2026
Official title
RBI imposes monetary penalty on The Amravati District Central Co-operative Bank Ltd., Maharashtra
RBI press-release 2026-2027/853 · 10 Aug 2026
Official title
RBI imposes monetary penalty on The Amravati District Central Co-operative Bank Ltd., Maharashtra
Summary
Check the official recordThe Reserve Bank of India has imposed a monetary penalty of ₹50,000 on The Amravati District Central Co-operative Bank Ltd., Maharashtra, for non-compliance with regulatory directions regarding 'Know Your Customer (KYC)' and 'Ensuring Reasonableness of Bank Charges and Charges Levied for Sending SMS Alerts'. The penalty follows a statutory inspection by NABARD regarding the bank's financial position as of March 31, 2025. The RBI determined that the bank failed to assign a Unique Customer Identification Code to customers and levied charges for SMS alerts that were not sent. This action is based on regulatory deficiencies and does not affect the validity of any transactions or agreements entered into by the bank with its customers.
Key dates
Who is affected
Thresholds
If you do not comply
August 10, 2026
RBI imposes monetary penalty on The Amravati District Central Co-operative Bank Ltd., Maharashtra
The Reserve Bank of India (RBl) has, by an order dated August 6, 2026, imposed a monetary penalty of ₹50,000 (Rupees Fifty Thousand only) on The Amravati District Central Co-operative Bank Ltd., Maharashtra (the bank), for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’ and ‘Ensuring Reasonableness of Bank Charges and Charges Levied for Sending SMS Alerts’. 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 the 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 directions. 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 charges against the bank were sustained, warranting imposition of monetary penalty:
The bank had: i. allotted multiple customer identification code to certain customers instead of a Unique Customer ldentification Code (UCIC) for each customer; and ii. levied SMS alert charges without sending SMS to certain customers.
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: 2026-2027/853 Chief General Manager ᮧेस ᮧकाशनी PRESS RELEASE
भारतीय ᳯरज़वर् बᱹक
RESERVE BANK OF INDIA
0वेबसाइट : www.rbi.org.in/hindi संचार िवभाग, कᱶᮤीय कायार्लय, शहीद भगत ᳲसंह मागर्, फोटर्, मुंबई - 400 001 Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort, Mumbai - 400 001 ई-मेल/email : helpdoc@rbi.org.in फोन/Phone: 022 - 2266 0502