Page 22 - BANKING FINANCE JUNE 2016

CO-OPERATIVE BANK NEWS

Jalgaon Coop Bank faces penalty for violation of Power Saraswat Bank donates
Rs 1 Crore for relief work
The Reserve Bank of India has imposed ing prior permission from RBI. The Re- in Maharashtra
a monetary penalty on Jalgaon District serve Bank of India had issued a show
Co-operative Bank in exercise of the cause notice to the bank in response In view of the prevailing drought con-
powers vested in it. to which the bank submitted a written ditions in vari-
reply. ous parts of
The UCB was found violating the pro- Maharashtra,
visions of Section 20 A of the B.R. Act, After considering the facts of the case the Saraswat
1949 (AACS) relating to remission of and the bank's reply in the matter, the Bank has do-
debt due to the bank by Jalgaon Starch Reserve Bank came to the conclusion
Factory in which the then directors of that the violation was substantiated nated of Rs 1 crore towards relief
the bank had interest, without obtain- and warranted imposition of penalty. work.

RBI issues Master Directions on interest rates and ad- The Bank has donated Rs 50 lakh
each to the Maharashtra Chief Min-
vances on Coop isters Drought Relief Fund, and to
the NAAM Foundation, an NGO
The Reserve Bank of India has issued erative banks, namely, state co-opera- started by actors Nana Patekar and
the Master Directions (MD) on Co-op- tive banks, central co-operative banks Makarand Anaspure, specifically
erative Banks - Interest aimed at alleviating the impact of
Rates on Deposits and Ad- and primary (urban) co- drought.
vances. operative banks, licensed
or permitted to carry on Samriddhi Mahila Sahakari
The Master Directions is- banking business in India opens its HO in Rajasthan
sued consolidates all rel- by the Reserve Bank.
evant instructions issued by the Re- The Head Office of Samriddhi Mahila
serve Bank of India so far on the sub- The exhaustive directions deal with the Sahakari
ject and will be applicable to all co-op- issues concerning cooperative banks in Bank a lead-
a comprehensive manner. ing urban
cooperative
Saraswat Bank ties up with Future Generali bank of
Udaipur in Rajasthan was inaugu-
Future Generali India Life Insurance forms. rated by Gulabchandji Kataria, Min-
and Saraswat Bank signed an agree- ister for Home in the state. Satish
ment according to which the Officials of both Future Generali India Marathe is the patron of the bank.
Generali will sell life insur- Life Insurance and Saraswat
ance and other insurance Bank are optimistic about Addressing the function, the Minister
products to the bank. the great outcomes of their said the bank would finance the fi-
newly established partner- nancially challenged women and
Saraswat Bank will offer ship. This bancassurance part- help them stand on their own feet.
FGILI's customised solutions nership will be extended He also lauded the role played by the
to customers through its network of UCB in the past.
over 250 branches across the country across all the bank's branches in
as well as through their digital plat- Maharashtra, Gujarat, Madhya Writing about the UCB on his
Pradesh, Karnataka, Goa and Delhi. Facebook wall Marathe said
Samriddhi Mahila Sahakari Bank is
Nagpur HC directs Maharashtra coop to take steps for one of the foremost techno savvy
UCBs in the country and the only
drought hit farmers UCB to launch IMPs (Mobile Pay-
ment) in Rajasthan.
The Nagpur bench of Bombay High Court has asked the Maharashtra coop sec-
retary to hold a meeting of officers of NABARD, Maharashtra State Coopera-
tive Bank (MSCB), and district central cooperative banks (DCCBs) soon to take
a decision about giving loans to aggrieved farmers in the region. The court gave
this order while hearing a PIL. The court took a dim view of the delay in distri-
bution of loans when farmers are facing a severe drought situation.

22 | 2016 | JUNE | BANKING FINANCE

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