RBI penalises Unjha Nagrik Sahakari Bank Ltd., Mehsana (Gujarat)

Reserve Bank of India imposes a monetary penalty of Rs 1.00 lakh  (Rupees One Lakh only) on the Unjha Nagrik Sahakari Bank Ltd., Mehsana (Gujarat)

The penalty is  for violation of Section 14A of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), and the directives/guidelines issued by the Reserve Bank of India on Individual and Group Exposure Limits, and RBI has imposed under powers derived  from Section 47A (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies).

 

Mehsaji Chavda, a Rajput and a heir of Chawda dynasty, established Mehsana.

Gaekwads conquered Vadodara and established Patan as the administrative headquarters of North Gujarat. Later it was moved to Kadi and subsequently to Mehsana in 1902. They merged it with India after independence in 1947. It was included in Bombay state. Later became part of Gujarat in 1960 after divison of Bombay state into Gujarat and Maharashtra. Today Mehsana is a separate district in north Gujarat.

There is a place built by Gaekwads in city known as Rajmahal.

Mehsana is the district headquarters and the nearest town to Modhera and an ideal central location to plan out an itinerary to the surrounding areas. The town is known for its ‘Dudhsagar Dairy’ plant, a post modernist structure designed by Achyut Kanvinde and a must see for architecture enthusiasts.

Mehsana is an important pilgrimage site for Jains in Gujarat. It is dedicated to the current tirthankar, first of the second chauvisi (string of 24) of the Jains, Bhagwan Simandhar Swami. According to Jain astronomy, the scriptures predict the existence of a planet in the north-east direction, know as Mahavideh Kshetra. It says that Bhagwan is alive there and currently preaching to the people of that world.

The huge 32-foot idol sculpted in white marble was installed under the inspiration of Acharya Kailassagarsuri Maharaj Saheb in the year 2028 of the Vikram era in the Hindu Calendar (1971 AD).

RBI imposes penalty on JP Morgan Chase Bank, N.A., Mumbai for Violation of its Risk Management and Inter-Bank Dealings Guidelines

 

Today vide Press Release, Reserve Bank of India has informed to the public at large, that it imposed a penalty of Rs 5.00 lakh on JP Morgan Chase, N.A., Mumbai (the bank).

The penalty was imposed in exercise of the powers vested with it under the provisions of Section 47A(1)(b) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

The penalty has been imposed on the bank for contraventions of various directions and instructions issued by the Reserve Bank in respect of Risk Management and Inter Bank Dealings and Compliance Functions.  These contraventions took place during the year 2011-2012.

RBI issued a show cause notice, to which the Bank replied. RBI has gone through the reply and the documents on record, and  Reserve Bank found that the violations were conclusively established and a penalty of Rs 5.00 lakh was thus imposed.

JP Morgan Chase Bank has very few branches in India, and is primarily focused on Corporate and Investment Banking.  Hence, the  majority of Indians, would not have heard this bank name at all.