India, July 4 -- The Reserve Bank of India (RBI) has imposed a monetary penalty of ?1 lakh on District Central Co-operative Bank Ltd., Durg, Chhattisgarh, for non-compliance with RBI directions on Know Your Customer (KYC) norms. The penalty, dated June 30, 2025, has been levied under the provisions of Section 47A(1)(c), read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
The action follows a statutory inspection conducted by the National Bank for Agriculture and Rural Development (NABARD), based on the bank's financial position as of March 31, 2024. The RBI issued a show-cause notice to the bank after identifying instances of non-compliance with KYC norms.
Upon reviewing the bank's written response, oral submissions du...