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Co-Sponsors

SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 11-OCT-2025

CO-OPERATIVE BANKS: CONDUCTED CONCURRENT AUDIT ON QUARTERLY INSTEAD OF CONDUCTING SIMULTANEOUS CHECK OF TRANSACTIONS

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person PROGRESSIVE MERCANTILE CO-OPERATIVE BANK LTD.,THE
  CONDUCTED CONCURRENT AUDIT ON QUARTERLY INSTEAD OF CONDUCTING SIMULTANEOUS CHECK OF TRANSACTIONS

DELAY IN SUBMITTING THE AUDIT REPORTS

DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON CARRYING OUT PERIODIC REVIEW OF RISK CATEGORISATION OF CUSTOMERS AND/OR ACCOUNTS

DID NOT ENABLE CUSTOMERS TO INSTANTLY RESPOND BY 'REPLY' TO SMS ALERTS TO NOTIFY OBJECTION TOWARDS UNAUTHORISED ELECTRONIC BANKING TRANSACTIONS   		IMPOSED PENALTY RS.3,00,000 FROM 08-SEP-2025

08-SEP-2025 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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