The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (Rupees Five Lakh only) on The Banaskantha Mercantile Co-operative Bank Ltd., Palanpur, Dist. Banaskantha (Gujarat).
The monetary penalty is for violations of the directives/guidelines of the Reserve Bank on Know Your Customer (KYC) and Anti Money Laundering (AML).
Palanpur is in the district of Banaskantha in the western state of Gujarat. Legend says that the town got its name from the Palansi Chauhans who came and occupied the city in the 14th century.
One of the unique features of Palanpur is that at one point in time the town was heavily protected by forts on all sides, with entry being possible through one of the seven gates to the city.
These forts and gates are now ruins around the city and are an important tourist attraction.
The Keerti Stumbh, also called the Victory Tower is another important tourist site in Palanpur, apart from the Zorawar Palace and the Balaram Palace which stand as reminders of Palanpur’s princely history.