Chopda People’s Co-operative Bank Ltd., Jalgaon – Penalised – RBI


Chopda People’s Co-operative Bank Ltd., Jalgaon – Penalised – RBI

Chopda People’s Co-operative Bank Ltd., Jalgaon – Penalised

The geographical area of RBI Penalized Co-operative banks is increasing. Now it is the turn of Chopda People’s Co-operative Bank Ltd., ., Jalgaon, Maharashtra to be penalized.

A monetary penalty of Rs1.00lac has been imposed by Reserve Bank of India, for violating

a)      the provision of Section 5 (ccv) of the Banking Regulation Act, 1949 (AACS)

b)      and violation of Reserve Bank of India directive on unsecured advances.

Chopda People’s Co-operative Bank Ltd., is a Jalgaon Based Co-operative Bank.

Jalgaon  is in  Western  India, to the north of the Maharashtra  state and  is also the hometown of the Smt. Pratibha Patil, the 12th President of India.

Jalgaon district produces more than 16% of India’s bananas and thus 3% of world banana production happens in Jalgaon. Jalgaon thus produces more bananas than most of the countries of the world.

“Mahabanana” an organization to promote the growth of Bananas has been established by the Directorate of Agriculture Marketing and the Maharashtra State Agricultural Marketing Board, on 1st January, 2002. The head of Mahabanana is located at Jalgaon.

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