The Reserve Bank of India (RBI) has imposed a penalty of ₹63.60 lakh on Central Bank of India for non-compliance with certain provisions related to ‘Know Your Customer (KYC)’ and ‘Financial inclusion – Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA)’.
The penalty was communicated through a letter dated 27th March 2026, and it highlights the bank’s failure to adhere to specific directions issued by the RBI. The action was taken under the authority of section 47A(1)(c) in conjunction with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.
This development is part of the RBI’s ongoing efforts to enforce compliance with its regulatory frameworks, ensuring that banks maintain the required standards in their operations, particularly concerning customer identification and financial inclusion.
The Central Bank of India has acknowledged the penalty and communicated the information as per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).