Friday, April 10, 2015

RBI imposes penalty on Vananchal Gramin Bank for violation of Branch Licensing Guidelines

               Vananchal Gramin Bank is a Regional Rural Bank. The bank was established on 30 June, 2006 with the amalgamation of the erstwhile Santhal Parganas Gramin Bank and erstwhile Palamau Kshetriya Gramin Bank under the provisions of RRB Act 1976

          VGB is sponsored by State Bank of India & Owned by Govt. of India, Govt. of Jharkhand and State Bank of India . The shareholders of the Bank are Govt. of India (50%), State Bank of India (35%) and Govt. of Jharkhand (15 %). The Bank operates in  9 districts of Jharkhand State with its Head Office at Dumka (sub-capital of Jharkhand State ) through 190 + branches.

Today Reserve Bank of India vide Press Release dt.10/04/2015 informed that it has imposed a penalty of INR 50,000/- (Rupees Fifty Thousand only) on Vananchal Gramin Bank, Dumka, Jharkhand.

The penalty has been necessitated for violation of Branch Licensing Guidelines.

Dumka is one of the oldest districts of Jharkhand state under Santhal Pargana. This homeland of tribal is full of stunning landscapes, majestic mountains, verdant valleys and serpentine rivers. Detials about various tourism spots in Dumka can be read here.