The Jamnagar Peoples Co-operative Bank Ltd., Dist: Jamnagar – Penalised
A monetary penalty of Rs1.00lac(Rupees one lakh) has been imposed on The Jamnagar Peoples Co-operative Bank Ltd, by Reserve Bank of India.
The penalty was necessary for violation of RBI directives relating to (a) ceiling on exposure to individual non SLR investments and (b) prohibition from waiver of interest on a loan to an ex- director under the provision of section 20A of the Act.
Section 20-A r. w. 56(m)(i) and (ii) deals with Restriction on remitting director related debts :
No co-operative bank shall, except with the prior approval of the RBI, remit in whole or part any debt due to it by,
1.Any of its past or present director
2.Any firm or company in which any of its directors is interested as director, partner, managing agent or guarantor
3.Any individual if any of its director is his partner or guarantor
The Jamnagar Peoples Co-operative Bank Ltd., Bank is located in Jamnagar District, Gujarat. It has a total of two branches.
Jamnagar is known as ‘Oil City of India’, as Reliance Industries, India’s largest private company, established the world’s largest oil refinery near the village of Moti Khavdi in Jamnagar. And is also home to an Essar Oil refinery, located near the town of Vadinar.
Cricket fans too have a special affection to Jamnagar as Ranjitsinhji, a maharaja and graceful batsman, represented England while he made history as the first Indian to play test cricket.
Jamnagar strategic location has attracted all the three wings of Defence. Indian Air Force, Indian Army & Indian Navy all the three wings have their training and big bases. Geographically Jamnagar supports all branches of defence as it has access to the sea for Indian Navy and a large Air Base including Army due to the city’s strategic location close to Pakistan