Financial Daily from THE HINDU group of publications
Saturday, Oct 08, 2005
Financial Daily from THE HINDU group of publications Saturday, Oct 08, 2005 |
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Money & Banking
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Regional Rural Banks Probe sought into Janakalyan Sahakari Bank functioning Our Bureau
Mumbai , Oct 7. THE Congress party has demanded an inquiry by the Maharashtra Government into the functioning of the Janakalyan Sahakari Bank Ltd. The bank has recently hit the headlines with the Reserve Bank of India issuing notice regarding its financial health. The Maharashtra Pradesh Congress Committee spokesperson, Mr Sanjay Nirupam, addressing the media on Friday said that since the money of the common man was invested with the bank, the State Government must set up an inquiry to get to the root the matter. "Our demand is not politically motivated but it is also true that senior BJP leaders have violated loan repayment norms, which should be further probed. The bank continues to violate the single borrower exposure limit in many cases," Mr Nirupam said. Citing the RBI report, Mr Nirupam said the bank had sanctioned fresh loans to close NPA accounts, enhanced limits to cover overdrawals and treated irregular advances as standard ones in order to camouflage a substantial quantum of NPAs. On being pointed out by the media that many Congress partymen have been involved in large-scale financial irregularities in various cooperative banks in the State, Mr Nirupam said he always raised the issues of the common man and would continue to do so.
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