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(10/08/2026 18:24)

RBI imposes Rs 50,000 penalty on Amravati District Central Co-operative Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 50,000 on The Amravati District Central Co-operative Bank Ltd., Maharashtra, for non-compliance with certain provisions related to Know Your Customer (KYC) and bank charges for SMS alerts.

The penalty follows a statutory inspection conducted by NABARD, with reference to the bank’s financial position as of March 31, 2025. After reviewing the bank’s response and submissions, the RBI found two regulatory lapses.

The bank had assigned multiple customer identification codes to certain customers instead of maintaining a Unique Customer Identification Code (UCIC) for each customer. It also charged SMS alert fees to certain customers despite not sending the corresponding SMS alerts.
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.
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