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

PUBLIC SECTOR BANKS: 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

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person BANK OF MAHARASHTRA
  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 INSTRUCTIONS ON MONITORING OF TRANSACTIONS IN CUSTOMER ACCOUNTS

DID NOT ADHERE TO INSTRUCTIONS ON FUNDS RECEIVED THROUGH REAL TIME GROSS SETTLEMENT SYSTEM (RTGS)

DID NOT EXERCISE DUE DILIGENCE IN OPENING OF FIXED DEPOSIT ACCOUNTS & GRANTING OF OVERDRAFTS

WEAKNESSES IN INTERNAL CONTROL SYSTEMS, MANAGEMENT OVERSIGHT AND USED INTERNAL ACCOUNTS FOR PARKING CUSTOMER FUNDS ETC.

MIDDLEMEN/INTERMEDIARIES INVOLVED IN OPENING OF ACCOUNTS AND ALSO SUBSEQUENT OPERATIONS IN THOSE ACCOUNTS   		IMPOSED PENALTY RS.1,50,00,000

29-APR-2015 		 
2
History of entity/person DENA BANK
  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 INSTRUCTIONS ON MONITORING OF TRANSACTIONS IN CUSTOMER ACCOUNTS

DID NOT ADHERE TO INSTRUCTIONS ON FUNDS RECEIVED THROUGH REAL TIME GROSS SETTLEMENT SYSTEM (RTGS)

DID NOT EXERCISE DUE DILIGENCE IN OPENING OF FIXED DEPOSIT ACCOUNTS & GRANTING OF OVERDRAFTS

WEAKNESSES IN INTERNAL CONTROL SYSTEMS, MANAGEMENT OVERSIGHT AND USED INTERNAL ACCOUNTS FOR PARKING CUSTOMER FUNDS ETC.

MIDDLEMEN/INTERMEDIARIES INVOLVED IN OPENING OF ACCOUNTS AND ALSO SUBSEQUENT OPERATIONS IN THOSE ACCOUNTS   		IMPOSED PENALTY RS.1,50,00,000

29-APR-2015 		 
3
History of entity/person ORIENTAL BANK OF COMMERCE
  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 INSTRUCTIONS ON FUNDS RECEIVED THROUGH REAL TIME GROSS SETTLEMENT SYSTEM (RTGS)

DID NOT EXERCISE DUE DILIGENCE IN OPENING OF FIXED DEPOSIT ACCOUNTS & GRANTING OF OVERDRAFTS

WEAKNESSES IN INTERNAL CONTROL SYSTEMS, MANAGEMENT OVERSIGHT AND USED INTERNAL ACCOUNTS FOR PARKING CUSTOMER FUNDS ETC.

MIDDLEMEN/INTERMEDIARIES INVOLVED IN OPENING OF ACCOUNTS AND ALSO SUBSEQUENT OPERATIONS IN THOSE ACCOUNTS   		IMPOSED PENALTY RS.1,50,00,000

29-APR-2015 		 
4
History of entity/person SYNDICATE BANK
  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 DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON CHEQUE PURCHASE/DISCOUNTING AND BILL DISCOUNTING ETC.   		IMPOSED PENALTY RS.5,00,00,000

12-DEC-2017 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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