Reserve Bank of India imposes monetary penalty of INR5,00,00,000/- on South Indian Bank Limited
Reserve Bank of India has imposed the
monetary penalty for non-compliance with
the directions issued by RBI on :-
·
Income
Recognition and Asset Classification (IRAC) norms,
·
Know
Your Customer (KYC) norms
·
treasury
function
·
for
deficiencies in its compliance function
·
compliance
culture
The penalty has been imposed in exercise of
powers vested in RBI under the provisions of Section 47A(1)(c) read with Section
46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of
the bank to adhere to the aforesaid directions issued by RBI.
Reserve Bank of India has clarified that this
action is based on deficiencies in regulatory compliance and is not intended to
pronounce upon the validity of any transaction or agreement entered into by the
bank with its customers.
‘South Indian Bank’, one of the earliest
banks in South India, came into being during the Swadeshi movement.
The establishment of the bank was the fulfilment
of the dreams of a group of enterprising men who joined together at Thrissur, a
major town (now known as the Cultural Capital of Kerala), in the erstwhile
State of Cochin.
Thrissur
(formerly Trichur) is a one of the largest city in the central part of
Kerala in Southern India.It is known as cultural capital of Kerala, with
numerous temples, churches, cultural institutions, art centers, museums etc.
The city is most popular for its temple festivals, particularly the annual
Thrissur Pooram known as festival of festivals. The city is located in exact
geographic center of Kerala.
A
resplendent festival celebrated with a grand display of caparisoned elephants,
dazzling parasols, and percussion music, the Thrissur Pooram is a magnificent
spectacle merging the spiritual and cultural essence of Kerala. Celebrated in
the Malayalam month of medam (April-May), the pooram is held at the Thekkinkadu
Maidanam in Thrissur.
Thrissur Pooram
Considered to be the mother of all poorams,
this yearly temple festival was the brain child of Shakthan Thampuran, the
Maharaja of Kochi, who organised the festival with the participation of 10
temples (Paramekkavu, Thiruvambadi Kanimangalam, Karamucku, Laloor,
Choorakottukara, Panamukkampally, Ayyanthole, Chembukkavu, Neythilakavu).
The festival sports an enthralling line-up
of vibrantly decked up elephants and is marked by the kudamattom ceremony. Involving
swift and rhythmic changing of brightly coloured and sequined parasols, the
kudamattom ceremony is one among the highlights and is a keenly watched event.
Another high point is the ilanjithara
melam, a highly bewitching performance of traditional instruments which lifts
the thousands gathered to a state of euphoria and bliss.
Around 250 odd artistes participate in this
traditional orchestra led by chenda artistes and the spirit is mirrored by the
thousands of spectators who wave their hands in accordance to the rhythm
generated by the chenda, kurumkuzhal, kombu and elathalam (traditional
instruments of Kerala).
The finale is marked by a grand fireworks
show.
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