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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 PROVIDE 24X7 ACCESS THROUGH MULTIPLE CHANNELS TO REPORTUNAUTHORISED ELECTRONIC TRANSACTIONS THAT HAD TAKEN PLACE AND/OR LOSS OR THEFT OF PAYMENT INSTRUMENT SUCH AS CARD ETC.

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person CO-OPERATIVE BANK OF RAJKOT LTD.,THE
  DID NOT PROVIDE 24X7 ACCESS THROUGH MULTIPLE CHANNELS TO REPORTUNAUTHORISED ELECTRONIC TRANSACTIONS THAT HAD TAKEN PLACE AND/OR LOSS OR THEFT OF PAYMENT INSTRUMENT SUCH AS CARD ETC.

DID NOT IMPLEMENT DEVICE BINDING CONTROL MEASURE RELATED TO ‘SMS DELIVERY RECEIPT CHECK’

DID NOT ENABLE CUSTOMERS TO INSTANTLY RESPOND BY “REPLY” TO SMS AND E-MAIL ALERT SENT BY THE BANK

USED ABRIDGED FORM OF ITS NAME IN SOCIAL MEDIA POSTS ON MULTIPLE OCCASIONS WHEREIN FULL NAME OF BANK AS APPEARING IN BANKING LICENSE WAS NOT DISPLAYED PROMINENTLY AND ALSO FONT SIZE USED FOR FULL NAME WAS SMALLER THAN ONE USED FOR ABBREVIATED NAME

DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI/NABARD ON FRAUDS MONITORING AND REPORTING MECHANISM WITHIN PRESCRIBED TIMELINE   		IMPOSED PENALTY RS.10,00,000

05-JUN-2023 		 
2
History of entity/person TEXTILE TRADERS CO-OPERATIVE BANK LTD.
  DID NOT PAY ELIGIBLE INTEREST AT THE TIME OF REPAYMENT ON TERM DEPOSITS MATURING ON SUNDAY/HOLIDAY/NON-BUSINESS WORKING DAY AND PAID ON SUCCEEDING WORKING DAYS

DID NOT PAY INTEREST ON BALANCES LYING IN CURRENT ACCOUNT STANDING IN NAME OF DECEASED INDIVIDUAL DEPOSITORS OR SOLE PROPRIETORSHIP CONCERNS

DID NOT PAY INTEREST ON DEPOSITS WITHDRAWN BEFORE MATURITY FOR THE PERIOD DEPOSITS REMAINED WITH THE BANK

DID NOT PROVIDE 24X7 ACCESS THROUGH MULTIPLE CHANNELS TO REPORTUNAUTHORISED ELECTRONIC TRANSACTIONS THAT HAD TAKEN PLACE AND/OR LOSS OR THEFT OF PAYMENT INSTRUMENT SUCH AS CARD ETC.

DID NOT UNDERTAKE ONGOING CUSTOMER DUE DILIGENCE AND PUT INTO USE ROBUST SOFTWARE FOR GENERATING ALERTS WHEN TRANSACTIONS WERE INCONSISTENT WITH CUSTOMER PROFILE

DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON CARRYING OUT PERIODIC REVIEW OF RISK CATEGORISATION OF CUSTOMERS AND/OR ACCOUNTS   		IMPOSED PENALTY RS.4,50,000

19-JUN-2023 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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