Karnataka - Bijapur   

`Attempts to regain control of bank'

Staff Correspondent

BIJAPUR: Congress MLA from Basavanabagewadi Shivanand Patil has opposed the alleged attempt by some directors of Siddeshwar Urban Cooperative Bank here to reverse the decision of the Government to take over its administration.

Mr. Patil told presspersons here on Sunday that after the Government had taken over last week, the bank, which had been on the verge of liquidation, had recovered nearly Rs. 3 crore from defaulters. The per-day loan recovery, which had been below Rs. 10 lakh before, was now around Rs. 45 lakh.

The total amount overdue was Rs. 60 crore. Bank employees themselves had taken over Rs. 4.5 crore in loans by flouting the rules, and later, fearing that they might lose their jobs, had repaid around Rs. 1 crore in one week, he alleged.

Mr. Patil said some directors were trying all means to regain control of the bank and had approached Textile Minister Appasaheb Pattanashetti. He said the Minister should not yield to any pressure.

The bank, which had over 23,000 shareholders, had to be under the Government's control for at least the next six months in the interest of its future, he said.

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