The Reserve Bank of India has imposed a monetary penalty of Rs5.00 lakh (Rupees five lakh only) on The Surat People’s Co-operative Bank Ltd., Dist. Surat.
It is to be noted that the monetary penalty is for for violation of RBI directives/instructions regarding
establishment/ promotion of trusts,
loans and advances to firms/companies in which director of the bank and their relatives were interested and
KYC norms etc.
The word ‘etc’, could mean that they are other minor reasons too.
The Surat People’s Co-operative Bank with 23 branches, has a history of over 90 years. Its first branch was set up in 1922, and spread its wing in Surat, with one branch in Vapi and Navsari too.
The Bank is the “First Registered Urban Co-operative Bank” of India and among the first 13 Co-operative Banks to get the “Scheduled Bank” Status. It is the first Bank to provide the “Depository Participant Services” in South Gujarat.
The establishment of the Bank was the dream of Late Raosaheb Varundavan Jadav – a visionary dreamt of establishing Co-operative Bank.