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UNSCR 1929 Compliance for Urban Co-op Banks

Current · Source: Reserve Bank of India · RBI/2011-12/583 · issued 30 May 2012 · ~1 min read
Quick answerRBI directs all Primary Urban Co-operative Banks to cross-check account openings and transactions against the UNSCR 1929 sanctions list from the November 2011 Gazette, and report matches to RBI and FIU-India.
Sanctions-list safety note. This circular refers to a specific UN Security Council / UAPA designated-entities list update as it stood on the date above — sanctions lists change often, and a newer update almost certainly exists today. Never use this page, or any single dated circular, as your current screening list. Always screen against the live, current list at the official UAPA proscribed-organisations list and the UN Consolidated List, and confirm the obligations for your bank on the official rbi.org.in source below.
The rule, in the simplest words
How it plays out — a real example

Ramesh, the compliance officer at a primary urban co‑op bank in Delhi, reviews each new account form each morning and runs the bank’s transaction batch through the November 2011 sanctions list; when a match appears, he promptly emails the RBI and FIU‑India and then emails the regional RBI office confirming he received the circular.

What changed

RBI issued a circular on May 30, 2012, enclosing the Ministry of External Affairs order of November 4, 2011, implementing UN Security Council Resolution 1929 (2010) on non-proliferation. Banks must now verify all new and existing accounts against the listed individuals/entities and report any matches.

What it means for you

Urban co-operative banks must strengthen their KYC and transaction monitoring to screen against the sanctions list. Non-compliance could lead to regulatory action, and banks need to ensure their compliance officers acknowledge receipt of this circular to the regional RBI office.

What you must do

Who it affects

All Primary (Urban) Co-operative Banks, Compliance Officers and Principal Officers of these banks

❓ Common questions

What is the source of the list we need to check against?

The list is from the Ministry of External Affairs Order dated November 4, 2011, published in the Gazette of India, implementing UNSCR 1929 (2010) on non-proliferation.

What should we do if we find a match?

Report the account to both the Reserve Bank of India and the Financial Intelligence Unit – India.

Is there a deadline for acknowledging this circular?

The circular requires the Compliance Officer/Principal Officer to acknowledge receipt to the concerned RBI Regional Office, but no specific deadline is mentioned in the source.

📜 Read the original circular — full text as issued by RBI
RBI/2011-12/583 UBD.CO.BPD(PCB) Cir. No.36/14.01.062/2011-12 May 30, 2012 The Chief Executive Officer of All Primary (Urban) Co-operative Banks Madam/Dear Sir, Implementation UNSCR 1929 (2010) on Non-proliferation – Government of India Order of November 04, 2011 – Primary (Urban) Co-operative Banks Please find enclosed a copy of Ministry of External Affairs Order dated November 04, 2011 published in the Gazette of India on implementation of United Nations Security Council Resolution 1929 (2010). 2. Utmost care should be taken by banks to ensure to cross check all account opening applications and transactions carried out in the existing accounts with the list of individuals/entities enlisted in the Gazette and report those accounts to Reserve Bank of India and Financial Intelligence Unit – India which bear resemblance with the individuals /entities listed therein. 3. The Compliance Officer/Principal Officer should acknowledge receipt of this circular to our Regional Office concerned. Yours faithfully, (M. Nanda Kumar) General Manager Encl: As above
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/583 · issued 30 May 2012. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Cross-check all new account applications and existing account transactions against the individuals/entities listed in the November 2011 Gazette.
📜 Compliance
  • Report any accounts matching the list to RBI and Financial Intelligence Unit – India immediately.
  • Ensure the Compliance Officer/Principal Officer acknowledges receipt of this circular to the concerned RBI Regional Office.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (All Primary (Urban) Co-operative Banks, Compliance Officers and Principal Officers of these banks), your first concrete step on “UNSCR 1929 Compliance for Urban Co-op Banks” is: “Cross-check all new account applications and existing account transactions against the individuals/entities listed in the November 2011 Gazette.” (RBI issued this 30 May 2012).

  1. Circular: RBI/2011-12/583 -- UNSCR 1929 Compliance for Urban Co-op Banks
  2. Issued: 30 May 2012
  3. Action required: Cross-check all new account applications and existing account transactions against the individuals/entities listed in the November 2011 Gazette.
  4. Action required: Report any accounts matching the list to RBI and Financial Intelligence Unit – India immediately.
  5. Action required: Ensure the Compliance Officer/Principal Officer acknowledges receipt of this circular to the concerned RBI Regional Office.
  6. Owner: ____________ Target date: ____________
  7. Board/committee approval needed? Y / N
  8. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

💬 Banker Discussion

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7247&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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