RBI penalises Prime Co-operative Bank Ltd., Surat (Gujarat)


 

The Reserve Bank of India has imposed a monetary penalty of Rs5.00 lakh  (Rupees  Five Lakh only) on Prime Co-operative Bank Ltd., Surat (Gujarat).

The penalty is for violation of various RBI instructions relating to issuance of Demand Draft/Pay Order by the bank during the period from April 1, 2010 to March 31, 2013.

Way back in 1991, vide Notification No:DBOD.BP.BC.114/C.469 (81)-91 dated 19th April, 1991, Reserve Bank of India, had notified Banks, to issue travellers cheques, demand drafts, mail transfers, telegraphic transfers for Rs. 50,000/- and above by debit to customers accounts or against cheques only and not against cash.

This press release should enable the Banks to further strengthen their internal processes to ensure that there is no slippage of RBI instructions.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s