Rajkot Commercial Co-operative Bank Ltd., Rajkot – Penalised

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Rajkot Commercial Co-operative Bank Ltd., Rajkot – Penalised

Rajkot the fourth largest city in Gujarat is in news recently, as the Rajkot Commercial Co-operative Bank Ltd., Rajkot has been penalized by Reserve Bank of India.
The Press Release can be accessed at
http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24918

A monetary penalty of Rs2lacs has been imposed by RBI, for not adhering to Reserve Bank of India's instructions on grant of unsecured advances in excess of prescribed ceiling and director related advances.

I quote from Reserve Bank of India, Master Circular on Board of Directors – Primary (Urban) Co-operative Banks, regarding the guidelines on loans and advances to directors.

QUOTE
PROHIBITION ON LOANS AND ADVANCES TO DIRECTORS
Banks are prohibited to make, provide or renew either secured or unsecured loans and advances or extend any other financial accommodation to their directors, or their relatives and the firms/concerns/companies in which they are interested with effect from October 1, 2003.
UNQUOTE

However, normal staff loans to directors are exempt from the above rule.

Rajkot  is the  largest city of Saurashtra situated at 138 meters above MSL.

The specialty of Rajkot cuisine is the breakfast option. You can try something new  in Rajkot for Breakfast.  Here, ganthiya is the best option for breakfast. Ganthiya is not available only as prescribed above. Ganthiyas here are of many types. 

For example: fafda, vanela, bhavnagari, champakali etc. Ganthiya is basically stripes of dough made from besan flour + some spices + water and then fried into different shapes and tastes. It's not as easy to make as it seems.

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