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(07/05/2026 18:10)

RBI imposes Rs 40,000 penalty on Youth Development Co-operative Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 40,000 on Youth Development Co-operative Bank Ltd., Kolhapur, Maharashtra, for non-compliance with RBI directions related to inoperative accounts, unclaimed deposits, and Know Your Customer (KYC) norms.

According to the RBI, the penalty was imposed after a statutory inspection of the bank’s financial position as of March 31, 2025. The central bank found that the bank had activated certain inoperative accounts without obtaining the required KYC documents from customers.

The RBI clarified that the penalty is based on deficiencies in regulatory compliance and does not affect the validity of transactions or agreements entered into by the bank with its customers.
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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.
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