The Baroda Traders Co-operative Bank Ltd., situated in Vadodara, Gujarat has been penalised with a monetary penalty of Rs5.00lacs(Rupees five lakh only) on 24/10/2011.
The monetary penalty was necessitated for non adherence to Know Your Customers (KYC) norms, by the above Urban Co-op Bank.
Vadodara formerly known as Baroda is the third most populated city in the Indian State of Gujarat. The history of the city can be traced to 9th century. Over the centuries, the city has been adorned with various names, and the current name of Vadodara crystallised in 1974.
Vadodara, was the capital of the erstwhile Baroda State.
It was one of the largest and wealthiest princely state of British India, with the chief wealth coming from lucrative cotton business as well as rice, wheat and sugar.
At the time of Indian independence, only five rulers—the Nizam of Hyderabad, the Maharaja of Mysore, the Maharaja of Jammu and Kashmir state, the Maharaja Gaekwad of Baroda and the Maharaja Scindia of Gwalior—were entitled to a 21-gun salute.
Baroda State become part of the Union of India, on its merger on 01/05/1949.
One of the main attractions of the Baroda State, was the Gaekwar’s Baroda State Railway (GBSR), which started in 1862 with the first narrow-gauge in India, it was a 8 miles (13 km) of an Narrow Guage railway line from Dabhoi to Miyagam. A metre gauge railway line was later added.
In 1949, on the Baroda State merger with Union of India, this railways too was merged with the Bombay, Baroda and Central India Railway divisions.