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SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 21-NOV-2024

CO-OPERATIVE BANKS: DID NOT IMPLEMENT RISK CATEGORISATION OF CUSTOMERS

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person VARDHMAN 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 PLACE APPROPRIATE SYSTEM FOR IDENTIFICATION OF SUSPICIOUS TRANSACTIONS

DID NOT FILE SUSPICIOUS TRANSACTION REPORT (STR)

DID NOT IMPLEMENT RISK CATEGORISATION OF CUSTOMERS   		IMPOSED PENALTY RS.5,00,000

05-NOV-2015 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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