Karnataka - Bidar   

Probe absolves bank of irregularity charge

By Our Staff Correspondent

BIDAR, MARCH 20. The District Cooperative Central Bank has said that an inquiry by the apex bank has not found any irregularities in the functioning of the bank, as alleged by some people.

In a press release, the bank said that a team led by the Chief Principal Manager of the apex bank had conducted an inquiry into the bank's business, from January 19 to February 14.

The terms of reference for the team included allegations on giving loans to individuals and firms without assessing their repayment capacity, exceeding the loan limit for the sugar sector, not ensuring that enough property was mortgaged before releasing loans for the non-farming sector, not obtaining departmental license while purchasing property for the bank, appointing more daily wage employees than permitted, and offering a rate of interest on deposits much higher than that offered by other cooperative banks.

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