RBI imposes penalty on The Banaskantha Mercantile Co-operative Bank Ltd., Palanpur, Dist. Banaskantha (Gujarat)
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.
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