RBI penalises Prime Co-operative Bank Ltd., Surat (Gujarat)

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....BI penalises Prime Co-operative Bank Ltd., Surat (Gujarat) <br>News and Press Release<br>Dated:- 3-10-2013<br><BR>The Reserve Bank of India has imposed a monetary penalty of Rs. 5.00 lakh (Rupees Five....

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.... Lakh only) on Prime Co-operative Bank Ltd., Surat (Gujarat) in exercise of the powers vested in it under the provisions of Section 47A (1)(b) read with Section 46(4) of the Banking Regulation Act, 19....

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....49 (As applicable to Co-operative Societies), for violation of various RBI instructions relating to issuance of Demand Draft/Pay Order by the bank during the period from April 1, 2010 to March 31, 201....

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....3. 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 the....

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.... personal submissions made by the bank in the matter, RBI came to the conclusion that the violation was substantiated and warranted imposition of penalty. Sucheta Vazkar Manager<BR> News - Press rel....

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....ease - PIB....