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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: DID NOT PLACE SYSTEM TO GENERATE ALERTS WHEN TRANSACTIONS INCONSISTENT WITH RISK CATEGORISATION & CUSTOMER PROFILE

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person PIJ PEOPLE'S CO-OPERATIVE BANK LTD.,THE
  DID NOT ALLOCATE UNIQUE CUSTOMER IDENTIFICATION CODE (UCIC)

DID NOT REPORT CASH TRANSACTIONS REPORTS (CTR) TO FINANCIAL INTELLIGENCE UNIT-INDIA (FIU-IND)

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 ANTI MONEY LAUNDERING (AML) DIRECTIVES/INSTRUCTIONS/GUIDELINES

DID NOT ADHERE TO INSTRUCTIONS OF RBI ON SUPERVISORY ACTION FRAMEWORK (SAF)

DID NOT PLACE SYSTEM TO GENERATE ALERTS WHEN TRANSACTIONS INCONSISTENT WITH RISK CATEGORISATION & CUSTOMER PROFILE

DID NOT MAINTAIN RECORDS OF CASH TRANSACTIONS FOR VALUE OF MORE THAN RS.10 LAKH   		IMPOSED PENALTY RS.4,00,000

20-APR-2018 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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