Framework to regulate and oversee co-operative banks and deposits

Framework to regulate and oversee co-operative banks and deposits https://www.taxtmi.com/news?id=16989 Regulatory framework places banking function oversight of cooperative banks under the Banking Regulation Act and Reserve Bank Act while registration, management and liquidation remain with co operative registrars; concurrent inspection powers exist under Section 35(6). Uniform KYC and AML Master Directions apply to all banks, with inspections, mandatory transaction and suspicious reporting to the financial intelligence unit, and penalties imposed for KYC/AML breaches. en-us Tue, 29 Nov 2016 17:48:27 +0530 Tue, 29 Nov 2016 17:48:27 +0530 TaxTMI RSS Generator Framework to regulate and oversee co-operative banks and deposits https://www.taxtmi.com/news?id=16989 Regulatory framework places banking function oversight of cooperative banks under the Banking Regulation Act and Reserve Bank Act while registration, management and liquidation remain with co operative registrars; concurrent inspection powers exist under Section 35(6). Uniform KYC and AML Master Directions apply to all banks, with inspections, mandatory transaction and suspicious reporting to the financial intelligence unit, and penalties imposed for KYC/AML breaches. News - Tue, 29 Nov 2016 17:48:27 +0530 https://www.taxtmi.com/news?id=16989