India, July 3 -- 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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