RBI imposes penalty on Sri Kalahasti Co-operative Town Bank Ltd., SriKalahasti, Andhra Pradesh
Reserve Bank of India has imposed a monetary penalty of INR1,00,000/- on Sri Kalahasti Co-operative Town Bank Ltd., Sri Kalahasti Co-operative Town Bank Ltd., is located at North Mada Street, SriKalahasti, Andhra Pradesh The monetary penalty was for violation of Section 20 and Section 20 A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) and directives/guidelines of the Reserve Bank on loans and advances to directors and their relatives. The town of SriKalahasti is famous for one of the most famous Shiva temples in South India SriKalahasti temple is the only temple which remains open during Grahanam (Solar and Lunar Eclipse) also. The temple is located on the banks of the river Swarnamukhi, it is 36 km away from Tirupathi in Chittoor district of Andhra Pradhesh. Another famous temple in SriKalahasti is the Bhakta Kannappa Temple It is also the origin of the popular textile painting art called kalamkari. Srikalahasti...