Toll Free: 1800 103 1369 Email Us:customercare@canmoney.in

Markets

Market

News Details

(25/06/2026 19:13)

RBI fines The Modern Co-operative Bank Rs 1 Lakh for regulatory lapses

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 lakh on The Modern Co-operative Bank Ltd, Chalisgaon, Maharashtra, for non-compliance with regulatory directions related to exposure norms and Know Your Customer (KYC) requirements.

The RBI found that the bank had breached the prescribed single borrower exposure limit and failed to upload customers' KYC records to the Central KYC Records Registry (CKYCR) within the stipulated timeline.

The central bank clarified that the penalty is based solely on deficiencies in regulatory compliance and does not affect the validity of any transactions or agreements entered into by the bank with its customers.
Prevent Unauthorized Transactions in your demat account -> Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL on the same day....................issued in the interest of investors.
KYC is one-time exercise while dealing in securities markets -> Once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
CDSL – MyEasi App App Store: https://apps.apple.com/in/app/cdsl-myeasi-app/id6737304195      Google Play Store: https://play.google.com/store/apps/details?id=com.cdsl.myeasi   |   NSDL – Speede App : App Store: https://apps.apple.com/in/app/nsdl-speede-app/id922834763      Google Play Store: https://play.google.com/store/apps/details?id=com.msf.NSDL.Android