India, July 13 -- The Reserve Bank of India (RBl) has, by an order dated July 8, 2026, imposed a monetary penalty of Rs. 13 lakh (Rupees Thirteen Lakh only) on The Chikhli Urban Co-operative Bank Limited, Chikhli, Maharashtra (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 'Finance for Housing Schemes - UCBs', and '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 RBI with reference to its financial position as on ...