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notificationRBIMonday, 13 July 2026

RBI imposes monetary penalty on The Chikhli Urban Co-operative Bank Limited, Chikhli, Maharashtra

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Official government notification — a formal executive order that operationalises policy decisions. Carries legal weight and specifies rules, dates, exemptions, or procedural requirements.
Summary
The Reserve Bank of India (RBl) has, by an order dated July 8, 2026, imposed a monetary penalty of ₹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)’. T
Key Facts
TypeNotification
SourceReserve Bank of India
PublishedMonday, 13 July 2026
Affected Population1.4 billion citizens, 63 million MSMEs
Key Numbers
GDP: $3.9 trillion (2025 est.)
Fiscal deficit target: 4.4% of GDP
GST collection: Rs 1.87 lakh crore/month avg
Rs 15,000 crore for Digital India initiatives
Key Authorities
Ministry of FinanceRBISEBIDEAMinistry of Electronics & IT
Key Stakeholders
TaxpayersBanks & NBFCsInvestorsInternet UsersTech CompaniesStartups
Government Context
NDA IIIBJP-led NDA
Centre-Right
LeftCentreRight
Explore Sectors
Finance & Economy469 tracked→Digital & Technology1199 tracked→Social Protection1061 tracked→
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