MUMBAI, India, July 13 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated July 02, 2026, imposed a monetary penalty of ₹8 lakh (Rupees Eight Lakh only) on The Sambalpur District Co-operative Central Bank Limited, Odisha (the bank) for contravention of the provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on 'Know Your Customer (KYC)'. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.
The statutory inspection of the bank was conducted by National Bank for Agricult...