The complete Press Release can be accessed @
The monetary penalty was imposed
for doing activities akin to travel agent,
letting out its premises to shops, doll museum etc.,
not adhering to clean note policy
and not preparing the balance sheet in the format meant for co-operative banks as prescribed under Banking Regulation Act, 1949 (AACS).
The bank is 55 years old and it was established in 1953, with initial capital investment of Rs 4890. Initially there were 59 members of the bank under the leadership of Late Keshavlal Amrutlal Parekh. Parekh was the first chairperson of the bank with Late Janmashankar Antani as managing director.
The Bank has currently 33 branches, with RTGS/NEFT facility available at all it’s branches.
There is chowk named after Janmashankar Antani in Rajkot, and it is known as Janmashankar Antani Chowk.
Rajkot in Gujarat-India, is famous for The Rotary Dolls Museum ( RDM ) :
The Rotary Dolls Museum ( RDM ) gives an overview to the culture and traditions of the world at large through a medium of dolls.
The Rotary Clubs across the world have generously donated these Dolls to the Rotary Club of Rajkot Midtown. The project is cosponsored by Rajkot Nagrik Sahkari Bank ltd. and it is managed by Shri Arvindbhai Maniar Jankalyan Trust. This Trust was one of the main reasons for RBI imposing a monetary penalty on it. So, in the near future, the Doll Museum, will have to find a new home.
Rajkot, was part of Saurashtra state from 15 April 1948 to 31 October 1956 before merging in bilingual Bombay State on 1 November 1956 and than in 1960, it got merged into Gujarat State.