RBI penalises Shree Vardhaman Sahakari Bank Ltd. Vadodara (Gujarat)

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... RBI penalises Shree Vardhaman Sahakari Bank Ltd. Vadodara (Gujarat)
News and Press Release
Dated:- 3-1-2014

The Reserve Bank of India has imposed a monetary penalty of Rs.1.00 lakh (Rupe .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... es one lakh only) on Shree Vardhaman Sahakari Bank Ltd. Vadodara (Gujarat) in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulat .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ion Act, 1949 (As applicable to Co-operative Societies), for violation of operational instructions issued by RBI under section 36(1) of the Banking Regulation Act, 1949 (AACS). The Reserve Bank of In .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... dia had issued a show cause notice to the bank based on the finding of inspection for the financial position as on March 31, 2013, in response to which the bank submitted a written reply and made pers .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... onal submission to the Regional Director, RBI, Ahmedabad. After considering the facts of the case, the bank's reply in the matter, the Reserve Bank of India came to the conclusion that the violation w .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... as substantiated and warranted imposition of the penalty. Ajit Prasad Assistant General Manager
News - Press release - PIB .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X