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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 REPORT CASH TRANSACTIONS REPORTS (CTR) TO FINANCIAL INTELLIGENCE UNIT-INDIA (FIU-IND)

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person GUJARAT MERCANTILE CO-OPERATIVE BANK LTD.
  DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI BY ALLOWING CASH WITHDRAWAL OF RS.20 LAKH AFTER BANKING HOURS WITHOUT APPROVAL OF BOARD OF DIRECTORS

DID NOT REPORT CASH TRANSACTIONS REPORTS (CTR) TO FINANCIAL INTELLIGENCE UNIT-INDIA (FIU-IND)   		IMPOSED PENALTY RS.5,00,000

16-JUL-2015 		 
2
History of entity/person JAMBUSAR PEOPLES CO-OPERATIVE BANK LTD.,THE
  DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI U/S 36 (1) OF THE BANKING REGULATIONS ACT, 1949

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

DID NOT PLACE APPROPRIATE SYSTEM FOR IDENTIFICATION OF SUSPICIOUS TRANSACTIONS

DID NOT SUBMIT QUARTERLY CERTIFICATE OF HOLDING OF GOVERNMENT SECURITIES   		IMPOSED PENALTY RS.3,00,000

31-MAR-2016 		 
3
History of entity/person MILLATH CO-OPERATIVE BANK LTD.
  DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON LOANS AND/OR ADVANCES TO DIRECTORS AND THEIR RELATIVES

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

DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON VEHICLE LOANS/STAFF LOANS   		IMPOSED PENALTY RS.15,00,000

03-OCT-2018 		 
4
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 		 
5
History of entity/person PIJ PEOPLE'S CO-OPERATIVE BANK LTD.,THE
  DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RISK CATEGORIZATION OF ACCOUNTS

DID NOT REPORT CASH TRANSACTIONS REPORTS (CTR) TO FINANCIAL INTELLIGENCE UNIT-INDIA (FIU-IND)   		IMPOSED PENALTY RS.1,00,000

11-JUN-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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