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SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 13-JUL-2024

CO-OPERATIVE BANKS: BREACHED LIMIT ON UNSECURED ADVANCES AND UNSECURED OVERDRAFT FACILITIES

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person NEEDS OF LIFE CO-OPERATIVE BANK LTD.,THE
  ALLOWED OPERATIONS AND DID NOT CLOSE SEVERAL ACCOUNTS OPEN USING OTP BASED E-KYC IN NON-FACE-TO-FACE MODE, EVEN AFTER EXPIRY OF ONE YEAR WITHOUT CONDUCTING CUSTOMER DUE DILIGENCE PROCEDURE

DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON MEMBERS HOLDING PAID UP SHARE CAPITAL LIMIT IN EXCESS OF STIPULATED LIMIT

BREACHED LIMIT ON UNSECURED ADVANCES AND UNSECURED OVERDRAFT FACILITIES

DID NOT ALLOCATE UNIQUE CUSTOMER IDENTIFICATION CODE (UCIC)

DID NOT HAVE SYSTEM FOR EFFECTIVE IDENTIFICATION & REPORTING OF SUSPICIOUS TRANSACTIONS TO FIU-IND   		IMPOSED PENALTY RS.5,00,000

26-SEP-2016 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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