| Multi-purpose cooperative society doing banking without RBI permission | | Branches opened in 5 distts, black money allegedly being deposited in them | | Early Times Report
JAMMU, June 26: Rural Development Multipurpose Cooperative Ltd (RDMCL) is alleged to be doing banking without the permission of Reserve Bank of India. It has opened branches in five districts of Jammu region and, if sources are to be believed, these have become the places for depositing black money by the people.
Following complaints against RDMCL, joint registrar (ADM) of J&K Cooperative Society served a notice on it in March last. In the notice, RDMCL management was told that the cooperative society had a solid proof that they had been taking deposits from the people. Some deposit receipts were also attached with the notice, according to sources.
The management was told its activities amounted to the violation of RBI guidelines. RDMCL has a total of 40 branches in Jammu, Samba, Kathua, Udhampur and Reasi districts. While it was required to work as per the cooperative society guidelines, it started taking deposits from the people, especially farmers, sources alleged.
"While rules do not permit it to take deposits, it has allegedly been collecting lakhs of rupees from the people daily. Since the record of this money is not submitted to RBI, it is felt that most of the people have been depositing their black money into their accounts.
They are issued proper receipts," sources said.
Sources alleged the involvement of some influential persons in the RDMCL's unlawful banking business.
RDMCL chairman Surjeet Kumar admitted to having received cooperative society notice and claimed to have given a detailed reply to it. He, however, refused to share details of the reply.
Cooperative Society joint registrar (ADM) Mufti Faridudin said the RDMCL reply, which had come very late, was not up to the mark. A probe had been launched into the complaints against RDMCL, he informed. |
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