The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (Rupees five lakh only) on Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi, Dist. Vadodara (Gujarat).
The penalty was necessary as the respective co-operative banks had violated operational instructions issued by RBI u/s 36 (1) of the B R Act, 1949 (AACS).
Also the bank had violated RBI guidelines for loans and advances to directors/their relatives/concerns in which they are interested.
Dabhoi is a major Jain pilgrimage place. There are 6 temples. Shri Lodhan Parshvanath temple is main attraction.
Dabhoi is also a major gateway for Narmada Dam, the life line for Gujarat state
Dabhoi Railway Station: For a railway heritage enthusiast, a visit to Dabhoi railway station - one of the oldest narrow gauge railway junctions in the world, is a must. . At one time the Dabhoi railway station was the biggest narrow gauge railway station in Asia