The Bundi Urban Co-operative Bank Limited, Bundi, Rajasthan – Penalised

The Bundi Urban Co-operative Bank Limited, Bundi, Rajasthan, has to remit Rs2.00 lakh (Rupees two lakh only) as a monetary penalty was imposed on it by Reserve Bank of India.

The monetary penalty was imposed for repeated violations of Reserve Bank of India directives relating to donation and levy of service charges on customers.

Levying monetary penalty for violation of RBI guidelines on services charges to customers is the first of its kind. RBI has also mentioned Section 26(6), of the Payment and Settlement Systems Act, 2007, as one of the reference point for arriving at the penalty.

This should be an eye-opener to other Banks-Big and Small, Public Sector and Private Sector, Indian and foreign, that charging excessive service charges is not in good spirit.

The major attraction of Bundi is the yearly Bundi fair held in November every year. The fair is hosted by the Rajasthan Tourist Corporation. This year the fair is scheduled to be held on Nov 1,2 and 3 I.e on a long weekend.

Over the years the fair has strarted to attract visitors not only from India, but also from overseas. The fair is a great opportunity to represent culture, folklore, traditions and craft of the region.

Some of the main attractions of the Bundi Utsav are Deep Daan, sight seeing, traditional rural sports, turban competition, bridal attire, musical band competition and dazzling fireworks display, which create a magical atmosphere.

During Bundi Utsav, Keshorai Patan, a small town close to Bundi, epitomizes the glance of Mini Pushkar in the silver embrace of moonlit night. The villagers, elegantly dressed in their traditional attire, gather at the serene banks of Chambal River. Women chant ritual songs, offer prayers and float lighted lamps into the river, creating a mesmerizing environment.

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