According to ED, large-scale misappropriation of funds was orchestrated at the said branch, primarily by the branch manager, B Shobha, on the instructions of R M Manjunatha Gowda.
Ahmedabad-based Colour Merchants Cooperative Bank facing 7 FIRs for allegedly defrauding loan applicants, with charge sheets filed in 2. Police say they have received over 100 complaints.
Gujarat’s urban cooperative banks have been making headlines for the wrong reasons, and many have been slapped with RBI fines for lending to own directors or their relatives.
Urban cooperative banks account for bulk of fines by RBI. A significant share of these are for loans given to related parties — the overwhelming majority by institutions in Gujarat.
The new Ministry of Cooperation, the govt has said, will provide a separate administrative, legal and policy framework to strengthen the cooperative movement in the country.
Speaking in the Rajya Sabha, Nirmala Sitharaman said the amendment is to protect depositors' interest and is only for cooperative societies engaged in banking activities.
Finance Minister Nirmala Sitharaman said the Bill would protect depositors, but some opposition parties said the legislation would infringe on state powers.
NCP chief Pawar also sought to debunk the notion that cooperative banks are faring worse than other banks, and called them the backbone of India's rural economy.
Indian govt officials last month skipped Turkish National Day celebrations in Delhi, in a message to Ankara following its support for Islamabad, particularly during Operation Sindoor.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
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