TaxTMI 
TaxTMI 
The Gandhidham Mercantile Co-operative Bank Ltd, Dist Kutch (Gujarat) - Penalised
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....he Gandhidham Mercantile Co-operative Bank Ltd, Dist Kutch (Gujarat) - Penalised <br>News and Press Release<br>Dated:- 15-1-2014<br><BR>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 submission....
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.... in the matter, RBI came to the conclusion that the violation was substantiated and warranted imposition of penalty. Ajit Prasad Assistant General Manager<BR> News - Press release - PIB....