India, Sept. 19 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 4.50 lakh on Chandrapur District Central Co-operative Bank Ltd., Maharashtra, for violating provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949, and for non-compliance with RBI's Know Your Customer (KYC) guidelines. The penalty order, dated September 15, 2025, has been issued under the powers conferred on RBI by Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Act.
The penalty follows a statutory inspection by NABARD based on the bank's financial position as of March 31, 2024. Supervisory findings revealed that the bank had failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fu...