The Gandhinagar Nagrik Co-operative Bank Ltd., Gandhinagar – Penalised


The Gandhinagar Nagrik Co-operative Bank Ltd., Gandhinagar – Penalised

It is the turn of The Gandhinagar Nagrik Co-operative Bank Ltd., Gandhinagar, to be penalized by Reserve Bank of India.

The Press release can be accessed @ http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=24530
Well, the reasons for RBI imposing a monetary penalty of Rs1lac on The Gandhinagar Nagrik Co-operative Bank Ltd., is
• for violations of allowing interest rebate in loan accounts of directors
• and non-adherence to Know Your Costumer (KYC) norms.
What is common amongst all the penalized co-operative banks is non-adherence to KYC norms.

The new issue in The Gandhinagar Nagrik Co-operative Bank Ltd, is violation of allowing interest rebate in loan accounts of directors.
All processes in the Bank being computerized, it is easy to detect any abnormalities in the loan accounts. Ah, the disadvantages of computerization.
The Gandhinagar Nagrik Co-operative Bank Ltd, is a small size co-operative bank, having 6 branches. The 6 branches are all in Gandhi Nagar district, Gujarat.

Acute Software has installed ‘Easy Bankcore’, in the in The Gandhinagar Nagrik Co-operative Bank Ltd.

It is interesting to note that in The Gandhinagar Nagrik Co-operative Bank Ltd, has a Facebook presence. Yes, you read it right !!!
Do you want to see it?
Here it is – http://goo.gl/oKxaj, just click on it.

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