The Reserve Bank of India has imposed a monetary penalty of on The Gandhidham Mercantile Co-operative Bank based in Kutch (Gujarat).
The urban cooperative bank was faulted for violating operational instructions issued under Section 36(1) of B.R. Act, 1949 (AACS).
The Reserve 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 submission in the matter, RBI came to the conclusion that the violation was substantiated and warranted imposition of penalty.
