RBI imposed monetary penalty on 4 Banks for not following Guidelines

The Reserve Bank of India (RBI) has imposed monetary penalty on 4 Banks for not following the guidelines of RBI.

RBI has imposed monetary penalty on Andaman & Nicobar State Co-operative Bank Limited as the bank had failed to:

1. transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time; and
2. carry out periodic review of risk categorisation of accounts with such periodicity being at least once in six months.

RBI has imposed monetary penalty on The Katihar District Central Co-operative Bank Limited, Bihar as the bank had:

1. sanctioned loans to its director; and
2. failed to submit credit information of its customers to two Credit Information Companies.

RBI has imposed monetary penalty on The Chanasma Nagrik Sahakari Bank Limited, Chanasma, Dist. Patan, Gujarat as the bank had:

1. provide customers with 24×7 access to report unauthorised electronic banking transactions through multiple channels; and
2. enable its customers to instantly respond by “Reply” to the SMS alerts to notify the objection towards unauthorised electronic banking transactions, if any.

RBI has imposed monetary penalty on Raiganj Central Co-operative Bank Limited, West Bengal as the bank had:

1. failed to upload KYC records of customers onto Central KYC Records Registry (CKYCR) within the prescribed timeline; and
2. allotted multiple customer identification codes to certain individual customers instead of a Unique Customer Identification Code (UCIC) for each customer.