The bank has been levied a monetary penalty of Rs1 lac for not submission of Cash Transaction Reports (CTRs) in respect of cash transaction in excess of ` 10.00 lakh to Financial Intelligence Unit-India (FIU-IND), as required under the Anti Money Laundering (AML) guidelines.
The press release can be accessed @ http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=25031
Apart from the co-operative Banks, Sankheda is known for its traditional furniture work.
Sankheda in Vadodara district, Gujarat, India is known for its lacquer works. The furniture manufactured in this town is known all over the world, and many culture aficionados love Sankheda’s furniture.
While many communities revolving around Indian traditional craft have withered, the Kharadi communities of Gujarat, specializing in Sankheda furniture, have in fact prospered. The Sankheda furniture with its lacquered woodwork technique and polished lattice work (lacquer) turns to beautiful browns and oranges after heating;
The furniture is called Sankheda after its location and it is known internationally in the craft world.
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