Tamil Nadu - Erode   

Five PACBs back on track

Staff Reporter

ERODE: Twenty Primary Agricultural Cooperative Banks in the district are in the red, of which five have been on the track of recovery with officials making efforts to collect loan arrears, said the District Collector, D. Karthikeyan on Thursday.

Attributing it to mismanagement he told presspersons over loss of Rs 9 crores was the outcome and criminal action had been taken against the employees and the elected board of Directors of the PACBs.

Cases registered

Cases had been registered against 83 persons of whom 50 were arrested. Borrowers were repaying their loans taken from Elavamalai PACB, and if improved all the depositors would be given back their deposit amount. Further steps were taken to revive all the sick PACBs.

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