One more co-operative bank in Gujarat, has been penalized by Reserve Bank of India.
The Gandevi People’s Co-operative Bank Limited, Navsari –Gujarat
A monetary fine of Rs1.00lakh (Rupees one lakh only) has been imposed on on The Gandevi People’s Co-operative Bank Limited, Navsari, for not adhering to RBI instructions/directives on reporting of cash transactions above `10.00 lakh as required under Anti Money Laundering (AML) guidelines.
The press release can be accessed @
Navsari-Gujarat, is famous for diamond industry and also as the twin city of Surat.
Navsari-Gujarat, is a sacred pilgrimage town for Parsi Zoroastrians.
One of the Seven Atash Behrams is located near Tarota Bazar and many Parsi Zoroastrians from all over the world visit.
An Atash Behram (Fire of Victory) is the highest grade of a fire that can be placed in a (Zoroastrian) fire temple. An Atash Behram is akin to a Cathedral, an Agiary to a church and a Daadgah to a wayside chapel