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RBI faults co-op banks on KYC norms; penalizes 3 of them

The Reserve Bank of India imposed monetary penalties on three banks including two urban cooperative banks

West bengalAndaman and nicobar islandsAwareness fund schemeGhatal peoples bankManjeri urban bank ltdMembership of credit information companies cicsReserve bankKnow your customerManjeri co operative urban bank ltdMalappuram districtLimiting liabilityCooperative banksUnauthorised electronic bankingCyber security frameworkCo operative banksGhatal peoples co operative bank limited

RBI fines five UCBs from Gujarat; Surat National Co-op Bank in the list

On Thursday again, RBI imposed a fine on five urban cooperative banks of Gujarat worth Rs 14 lakh. These

Chhapi nagrik sahakari bank ltdSurat national bank ltdMahila nagrik bank ltdVadnagar nagrik sahakari bank ltdPeople bank ltdSurat national bankSurat national co operative bank ltdMahila co operative nagrik bank ltdCo operative bank ltdReserve bankSurat national co operative bankCo operative banksInterest rateCustomer protectionLimiting liabilityUnauthorised electronic banking

Fintechs need stronger internal control to curb money laundering & white-collar crimes

In the rapidly evolving landscape of fintech, robust AML compliance measures not only help strengthen the digital finance and banking infrastructure but also provide a seamless linkage for Indian tech and fintech companies with their global counterparts

Information technologyCommittee for review of customer service standardsReserve bankAnnual reportIndian penal codeMoney laundering actInformation technology actCustomer service standardsCustomer protectionUnauthorised electronic bankingKnow your customerMoney launderingFintech sectorWhite collar crimes

RBI Imposes Penalties on 5 Co-operative Banks - Karnataka State, Thane Bharat Sahakari, Rani Laxmibai Urban, Nicholson Bank & Urban Co-op Bank

The Reserve Bank of India (RBI) has imposed penalties on five cooperative banks, including Rs25 lakh on The Karnataka State Co-operative Apex Bank, Bengaluru, for deficiencies in regulatory compliance.

Uttar pradeshTamil naduNicholson town bank noThane bharat sahakari bankKarnataka state apex bank ltdRani laxmibai urban bankKarnataka state apex bankAwareness fundReserve bankKarnataka state co operative apex bankKarnataka state co operative apex bank ltdThane bharat sahakari bank limitedCustomer protectionCo operative banksUnauthorised electronic bankingRani laxmibai urban co operative bank

From Rs 25 lakh to Rs 10k RBI penalizes five co-op banks

Last week several co-op banks and UCBs were penalized for non-adherence with the norms of RBI. While

Uttar pradeshNicholson town bank noThane bharat sahakari bankKarnataka state apex bank ltdRani laxmibai urban bankKarnataka state apex bankAwareness fundKarnataka state co operative apex bankRani laxmibai urban co operative bankUrban co operative bankNicholson co operative town bankThanjavur districtReserve bankInspection reportThane bharat sahakari bank limitedCustomer protection

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