Reserve Bank of India imposes INR5,00,00/- penalty on Shri Vinayak Sahakari Bank Ltd.,Ahmedabad (Gujarat)

          Reserve Bank of India vide Press Release informed to public at large that it has imposed a monetary penalty of INR5,00,000/- on Shri Vinayak Sahakari Bank Ltd.,Ahmedabad (Gujarat)

The penalty was for violation of Reserve Bank of India instructions issued under Supervisory Action Framework (SAF), violation of KYC/AML norms issued by RBI etc.

The Reserve Bank of India had issued a Show Cause Notice (SCN) to the bank based on the findings of inspection for the financial position as on March 31, 2017, in response to which the bank submitted a written reply and made personal submission to the Committee of Senior Officers at Reserve Bank of India, Ahmedabad.

After considering the facts of the case and bank’s reply in the matter, the Reserve Bank came to the conclusion that above violations were substantiated and warranted imposition of the penalty.

The tagline of  Shri Vinayak Sahakari Bank Ltd.,Ahmedabad (Gujarat) is ”A bank of tomorrow …”

          The Bank had a very humble, but very inspiring beginning on 16th January 2001.

          The Bank has is a sub-member of of  Rajkot Nagarik Sahakari Bank Ltd. and the MICR Code is 380805001.

 The Bank’s IFSC Code is  IFSC Code-PMEC0USVSBL.

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