The Talod Nagarik Sahakari Bank Ltd., situated at Talod, Dist. Sabarkantha (Gujarat) has been slapped with a monetary penalty of Rs5,00,000(Rupees five lacs) only, as the bank had violated the RBI’s operational instructions dt. 25-Mar-2011.
RBI carries out regular on-site inspections and off-site surveillance of UCBs. In cases the functioning of the UCB is not to the best interests of the depositors, necessary directions and operational instructions are issued, to streamline the functioning and to protect the interests of the depositors.
The operational instructions issued to The Talod Nagarik Sahakari Bank Ltd., by RBI on 25-Mar-2011 had specific instructions on declaration/disbursal of dividend to its shareholders. In spite of the clear instructions, the bank did not deem it necessary to adhere to the same. Hence, the monetary penalty was imposed.
Way back in 2008, Deposit Insurance and Credit Guarantee Corporation (DICGC) settled Claims of Rs234.86 lacs, to Talod Janta Sahakari Bank Limited Talode Gujarat. As both are different, today’s RBI’s Press release contains the full address of The Talod Nagarik Sahakari Bank Ltd. ,
Talod is a village situated in the Sabrkantha district. Jains are the predominant group in the village. HImatnager is the district headquarters of Sabarkantha district and it its history goes back to the 15th century.
The chief attraction of Himmatnagar is the Fort of Idargadh. The construction of the fort was so strong as per those times that its strength has become proverbial. To set an objective to achieve an impossible task is addressed as ‘to conquer the fort of Idargadh’. The renowned Chinese traveler Hyuen Sang has noted the place called Vadali, in his travelogues. It is called Ochalee in Chinese.
- Yes, you are warned, cautioned, advised, and counseled!! (simplybanking.wordpress.com)