If you are an Existing User, please enter your Username & Password below

Forgot Password?

Are you a New User? Click here to enrol

close

Click here to visit old website
Co-Sponsors

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

PUBLIC SECTOR BANKS: DID NOT ADHERE TO INSTRUCTIONS ON MONITORING OF TRANSACTIONS IN CUSTOMER ACCOUNTS

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

This website is not comprehensive and is being updated on a regular basis. Users are requested to carefully look at the formats and the information about the coverage period that appears on search results pages.

DISCLAIMER BY NSE

NSE is the co-sponsor of this website and supportive of the initiative taken for protection of interest of investors by Praxis Consulting & Information Services Pvt.Ltd. (PRAXIS), the creator of this website. However, NSE bear no responsibility for the views/information that is available on this website and as responsibility of the contents of this website solely rests with PRAXIS. NSE shall not be responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to or reliance on any information available on this website. Investors/visitors of this website are also advised to read through the other general disclaimer(s) and terms and conditions available on this website before using the website.

Site designed and maintained by watchoutinvestors.com
© PRIME DATABASE GROUP 2004-2024
No part of this site may be reproduced without the explicit permission of the owners.

top