Saturday, February 25, 2017

RBI imposes penalty on Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai

              The Reserve Bank of India has imposed a monetary penalty of ₹ 1.00 lakh (Rupees one Lakh only) on Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai.

The penalty is  for violation of instructions/guidelines issued by the Reserve Bank of India relating to opening of on-site ATM.

The major achievements of Sahebrao Deshmukh Co-operative Bank Ltd., Mumbaiin the past are as under:-

·       New ATM Centres make life easier for customers  - Ironically, RBI has penalised SDC for violation of guidelines relating to opening onsite ATMs!!!
·       SDC Bank has been granted Forex Certificate
·       Core banking system implemented in SDC Bank.
·       Net Banking facility started
·       SDC Bank aquires Shahapuri Nagari Bank Ltd.Satara

 Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai Bank’s 14 branches are spread across Mumbai and Satara.

SDC Bank Ltd., then Shramik Sahakari Bank Ltd., was established on 11-02-1973 by late Shri Sahebraoji Deshmukh. In adverse conditions, Sahebraoji, with his hard work, sincerity, foresight and strong desire to help financially poor people, has brought the bank to such a sound financial institution having 14 computerised branches with head office at Sakinaka.

On 06-04-2005, Sahebraoji Deshmukh left this world, giving a rude shock to family members, friends, Bank members and others.

In the annual general meeting of the Shareholders of the Bank held on 07-08-05, all the participants passed a unanimous resolution to change the name of the Bank from the Shramik Sahakari Bank Limited to The Sahebrao Deshmukh Co-operative Bank Limited (S.D.C. Bank Ltd.).

The RBI has given permission to change the name of the bank and Bank will now be known as S.D.C. Bank.