Rajkot Commercial Co-operative Bank Ltd., Rajkot – Penalised
Rajkot Commercial Co-operative Bank
Ltd., Rajkot – Penalised
Rajkot the fourth largest city in Gujarat is in
news recently, as the Rajkot Commercial Co-operative Bank Ltd., Rajkot has been
penalized by Reserve Bank of India.
The Press Release can be accessed at
A monetary penalty of Rs2lacs has been imposed
by RBI, for not adhering to Reserve Bank of India's instructions on grant of
unsecured advances in excess of prescribed ceiling and director related
advances.
I quote from Reserve Bank of India, Master Circular
on Board of Directors – Primary (Urban) Co-operative Banks, regarding the
guidelines on loans and advances to directors.
QUOTE
PROHIBITION ON LOANS AND ADVANCES TO DIRECTORS
Banks are prohibited to make, provide or renew either
secured or unsecured loans and advances or extend any other financial
accommodation to their directors, or their relatives and the
firms/concerns/companies in which they are interested with effect from October
1, 2003.
UNQUOTE
However, normal staff loans to directors are
exempt from the above rule.
Rajkot is the largest city of Saurashtra situated at 138
meters above MSL.
The specialty of Rajkot cuisine is the
breakfast option. You can try something new in Rajkot for Breakfast. Here, ganthiya is the best option for
breakfast. Ganthiya is not available only as prescribed above. Ganthiyas here
are of many types.
For example: fafda, vanela, bhavnagari, champakali etc.
Ganthiya is basically stripes of dough made from besan flour + some spices +
water and then fried into different shapes and tastes. It's not as easy to make
as it seems.
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