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.

Comments

Post a Comment

Popular posts from this blog

CERTIFICATE EXAMINATION IN INTERNATIONAL TRADE FINANCE

-
Image
          This certification is essential for all members of a Bank Trade Finance Department.   The syllabus covers key aspects required by team members to effectively discharge their duties. Trade Finance is one of the traditional forms of bank finance in India. In view of reforms and liberalisation, this has gained a new significance.   Many of the practices in trade finance have evolved over a period of time and some are guided by Ministry of Commerce and Reserve Bank of India, besides WTO and International Chamber of Commerce through UCPDC 600. With the increase in the volume of trade both domestically and internationally, there is a need for trade finance professionals from banks as well as corporates. The Objectives of this IIBF Examination is as under:   (i) To provide candidates with competencies required to function as trade finance practitioners. (ii) To enable candidates to possess the needed skill and knowledge to understand clients' needs
Read more

IIBF-Certificate Examination in Foreign Exchange Facilities for Individuals

-
          The primary objective this IIBF course is to make the branch officials familiar with the FEMA provisions that impact their day to day functioning at the branch level.     This exam is being introduced pursuant to the recommendation of a committee of RBI.           Normally foreign exchange transactions pertaining to individuals are handled at branches only and are not referred to specialised forex cells.           The course covers ‘Foreign Exchange Facilities for individuals under FEMA1999’ RBIs FAQs’ on Forex Facilities for Residents (Individuals) (updated up to November 21, 2014) For full details refer to Reserve Bank of India website: Introduction : The legal framework for administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999. Under the Foreign Exchange Management Act, 1999 (FEMA), which came into force with effect from June 1, 2000, all transactions involving forei
Read more

IIBF introduces Self-Paced E-learning courses (SPeL) for its two certificates

-
Image
          Indian Institute of Banking Finance (IIBF) has taken a quantum leap in disseminating knowledge to its members and non-members.           IIBF in April 2019, introduced the Self-Paced E-learning courses (SPeL) concept for banking enthusiasts to be familiar with banking concepts.           In the first stage, IIBF has launched   two certificate courses i.e 1. Digital Banking and 2. Ethics in Banking.           The objective of this self-paced e-learning mode are as follows: • Participants can make the best use of his or her time, in order to meet his or her learning objectives. • Participants can access the course   anywhere/anytime with an internet connection. • Participants need not travel to give their examinations. It saves time and money of the participants. • Opportunity to individuals to obtain new certifications; improve their knowledge in the subject. • With self-paced learning, subjects can be thought in different learning styles. Part
Read more