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(03/07/2026 14:25)

RBI fines Dharmavir Sambhaji Urban Co-op Bank for KYC Lapses

The Reserve Bank of India (RBI) has imposed a Rs 10,000 monetary penalty on Dharmavir Sambhaji Urban Cooperative Bank Ltd., Pune for non-compliance with Know Your Customer (KYC) norms.

The penalty was imposed after RBI found that the bank failed to upload customers' KYC records to the Central KYC Records Registry (CKYCR) within the prescribed timeline. RBI clarified that the action relates to regulatory compliance deficiencies and does not affect the validity of transactions with 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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