The Reserve Bank of India has imposed a monetary penalty of Rs1.00 lakh (Rupees one lakh only) on Shree Vardhaman Sahakari Bank Ltd. Vadodara (Gujarat).
The penalty was in exercise of powers vested in Reserve Bank of India, under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of operational instructions issued by RBI under section 36(1) of the Banking Regulation Act, 1949 (AACS).
Vadodara (Gujarat) was recently in the news for the settlement in Gaekwad royal family. The settlement was for Rs 20,000-cr property dispute
The city court had accepted a memorandum signed by 23 members of the Gaekwad royal family to end their feud of 23 years