RBI Penalises The Kutch Mercantile Co-operative Bank Ltd., Rapar, Dist. Kutch (Gujarat)

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 Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (Rupees Five Lakh) on The Kutch Mercantile Co-operative Bank Ltd., Rapar, Dist. Kutch (Gujarat).

The reasons for this monetary penalty are for:

1.     Non-compliance to Inspection Report(IR) for March 31, 2012 and March 31, 2013,
2.     Not publishing its annual accounts for the position as on 31/03/2013 up to 31/03/2014 despite persuasion and  repetitive violation,
3.     Not completed risk categorization as well as Unique Customer Identification Code (UCIC) of its customers and
4.     Circumvention of RBI guidelines on issuance of Demand Draft(DD)/Pay Order(PO)/At par cheques against receipt of cash for value ₹ 50,000/- and above.

Rapar is a city and a municipality in Kutch district in the Indian state of Gujarat. Particularly this area of Kutch is called Vagad. The name derives from famous Vaghela rulers. It means the land of Vaghelas.

Link 1: 10 Must Do’s on a Trip to Kutch, India
Link 2: On the Kutch food trail

Link 3: Kutchi Food: Simple Recipes

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