The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5 lakh on Amreli Nagarik Sahakari Bank Ltd in Amreli district for violating RBI guidelines regarding issuance of at-par cheques/pay orders against receipt of cash, an RBI statement said.
The banking regulator, according to the statement, had exercised its powers vested on it under the provisions of Section 47 A (1) (b) read with Section 46 (4) of the Banking Regulation Act, 1949 for violation of RBI guidelines regarding issuance of at-par cheques/pay orders against receipt of cash.
"The Reserve Bank of India had issued a show cause notice to the bank based on the findings of inspection for the financial position as on March 31, 2013," the statement said, adding that the bank submitted a written reply in response to the notice.
The banking regulator, according to the statement, had exercised its powers vested on it under the provisions of Section 47 A (1) (b) read with Section 46 (4) of the Banking Regulation Act, 1949 for violation of RBI guidelines regarding issuance of at-par cheques/pay orders against receipt of cash.
"The Reserve Bank of India had issued a show cause notice to the bank based on the findings of inspection for the financial position as on March 31, 2013," the statement said, adding that the bank submitted a written reply in response to the notice.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%