Monetary Penalty on The Mumbai District Central Co-operative Bank Ltd.
RBI press-release 2026-2027/1004 · 31 Aug 2026
Official title
RBI imposes monetary penalty on The Mumbai District Central Co-operative Bank Ltd., Maharashtra
RBI press-release 2026-2027/1004 · 31 Aug 2026
Official title
RBI imposes monetary penalty on The Mumbai District Central Co-operative Bank Ltd., Maharashtra
Summary
Check the official recordThe Reserve Bank of India imposes a monetary penalty of ₹20,000 on The Mumbai District Central Co-operative Bank Ltd., Maharashtra. The bank failed to upload customer KYC records to the Central KYC Records Registry within the prescribed timeline. The Reserve Bank of India acts under the Banking Regulation Act, 1949. This penalty follows a statutory inspection by the National Bank for Agriculture and Rural Development regarding the financial position of the bank as of March 31, 2025. The penalty does not affect the validity of any transaction or agreement between the bank and its customers.
Key dates
Who is affected
Thresholds
If you do not comply
August 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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