The Gandhidham Mercantile Co-operative Bank Ltd, Dist Kutch (Gujarat) - Penalised

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..... The Gandhidham Mercantile Co-operative Bank Ltd, Dist Kutch (Gujarat) - Penalised
News and Press Release
Dated:- 15-1-2014

The Reserve Bank of India has imposed a monetary penalty of Rs. .....

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..... 2.00 lakh (Rupees Two Lakh only) on The Gandhidham Mercantile Co-operative Bank Ltd, Dist. Kutch (Gujarat), in exercise of the powers vested on it under the provisions of Section 47A (1)(b) read with .....

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..... Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) for violation of operational instructions issued under Section 36(1) of B.R. Act, 1949 (AACS). The Reserve .....

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..... Bank of India had issued a Show Cause Notice to the bank in response to which the bank submitted a written reply. After considering the facts of the case, the bank's reply and also personal submissio .....

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..... n in the matter, RBI came to the conclusion that the violation was substantiated and warranted imposition of penalty. Ajit Prasad Assistant General Manager
News - Press release - PIB .....

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