Wednesday, March 1, 2017

RBI imposes penalty of Rs5 lacs, on The Rajsamand Urban Co-operative Bank Limited, Rajsamand

          Reserve Bank of India vide Press Release dt. March 1, 2017 informed to public at large, that it has imposed a monetary penalty of ₹ 5.00 lakh (₹ Five lakh only) on the The Rajsamand Urban Co-operative Bank Limited, Rajsamand.

The monetary penalty was for violation of RBI instructions / guidelines relating to

(i)             Linking of share capital to borrowings
(ii)            Breach of prescribed individual borrower exposure limit
(iii)           Granting  unsecured loans beyond prescribed limit and allowed frequent OD in a CC account beyond prescribed limit
(iv)           Acquisition of non-banking asset.

Rajsamand is famous for its marble production and has the distinction of having the largest single marble production unit in India.

Other famous places of tourist interest inn Rajsamand are Kumbhalgarh - the birth place of Maharana Pratap, Haldighati the famous battlefield, Shrinathji the chief deity of Vaishnav religion, Dwarikadheesh, Charbhuja and many Shiv temples.

The city is named for Rajsamand Lake, an artificial lake created in the 17th century by Rana Raj Singh of Mewar.