Shri Vinayak Sahakari Bank Ltd., Ahmedabad – Penalised
Shri Vinayak Sahakari Bank Ltd., seems to be a fairly big cooperative bank as compared to its peers. It has got its own website, of course, the website displays only very basic info @ http://vinayakbank.com/
The primary reasons for imposition of Rs.5lacs monetary penalty is
01) for violation of Reserve Bank of India instructions on unsecured advances, Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines,
02) shortage in cash balances,
03) opening of benami accounts
04) violation of Dos’ and Donts’ prescribed for board of directors.
One interesting observation in this particular case is that there was shortage in cash balances. Hm, wondering what could be the need for shortage in cash balances.
The Head office of the Shri Vinayak Sahakari Bank Ltd., Ahmedabad, is situated in the Kabutar Khana Area of Ahmedabad.
Kabutar Khana in the olden days referred to the area where feeding space for Pigeons was reserved. Grains/Water arrangements were made for pigeons.
However, in majority of the cities, with the passage of the time, these areas shrunk and were converted into commercial complexes. Due to sentimental reasons, the name ‘kabutar khana’, is still retained.