RBI Penalises Rajsamand Urban Co-operative Bank Limited, Rajsamand


The Reserve Bank of India has imposed a monetary penalty of Rs 2.00 lakh (Rupees two lakh only) on Rajsamand Urban Co-operative Bank Limited, Rajsamand, for violating the Know Your Customers (KYC) norms and Anti Money Laundering (AML) directives of Reserve Bank of India.

Rajsamand situated in Rajasthan state, is most famous for an artificial lake created by Rana Raj Singh of Mewar in the 17th century.

On the embankment of the lake, visitors can view nine pavilions or ‘Nauchowki’ (nine Ghats), which were constructed by Maharana Raj Singh. The beautifully carved pavilions are festooned with pictures of the Sun, chariots, gods, birds and wonderful carvings. The history of Mewar is inscribed in 1017 stanzas, on twenty-seven marble slabs, that are called as ‘Raj Prasasti’. It has also been acclaimed as one of the longest etchings acknowledged in India.

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