Central Bank of India Faces Penalty for Compliance Lapses
Central Bank of India announced that the Reserve Bank of India (RBI) has imposed a penalty of Rs. 63.60 lakh for non-compliance with provisions related to ‘Know Your Customer (KYC)’ and ‘Financial inclusion - Access to Banking Services - Basic Savings Bank Deposit Account (BSBDA)’.The penalty was issued via a letter dated March 27, 2026, and is being levied in accordance with sections 47A(1)(c), 46(4)(i), and 51(1) of the Banking Regulation Act, 1949. The notification was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Chandrakant Bhagwat, Company Secretary & Compliance Officer, Central Bank of India, confirmed the development.
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