Urban Co-operative Bank Ltd., Basti - Penalised

Reserve Bank of India has informed to public that it has imposed a monetary penalty of ₹ 1,00,000/- (Rupees one lakh only) on Urban Co-operative Bank Ltd., Basti for opening on-site ATM without obtaining prior approval from RBI.

Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank had submitted a written reply. After considering the facts of the case, and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violation was substantiated and warranted imposition of penalty.

          As per NPCI website, Urban Co-operative Bank Ltd., Basti has 1 ATM on the NFS network.

Basti district (Hindi: बस्ती जिला, Urdu: ضلع بستی), is one of the districts of Uttar Pradesh state, India and Basti town is the district headquarters. Basti district is a part of Basti Division.

Basti was originally known as village. The origin of the name Vaishishthi is attributed to the fact that this area was the Ashram of Rishi (sage) Vashistha in ancient period. Lord Rama with his younger brother Laxman had been here for some time with Rishi Vasistha.

The tract comprising the present district was remote and much of it was covered with forest. But gradually the area became habitable, it cannot, with any degree of certainty, be said how the district came to known by its present name on account of the original habitation (Basti) having been selected by the Kalhan Raja as a seat of his Raj, an event which probably occurred in the 16th century.

In 1801,. Basti became the Tehsil headquarters and in 1865 it was chosen as the headquarters of the newly established district.