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
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.
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