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| Rajiv Chuni express concern over functioning of coop.Bank | | | Early Times Report
Jammu, July 13: President of Cooperative Bank Shareholders association Rajiv Chuni in a press statement issued today expressed serious concern upon existing scenario of Cooperative Banks of J&K State. He termed the dual control of Registrar Cooperative Societies and Reserve Bank of India as “root cause of decay of urban Cooperative Banks” and breeding of the rampant corruption in such Banks.He said that such system has resulted into free handed looting of public money by unscrupulous cooperators on Manageing Committees/Boards of Bank and letting them go scott-free, unpunished and with no accountability due to patronization and corruption by controlling authorities. The role of corrupt official machinery of Cooperative Bank in such public money loot can also not be ruled out he added.
Lashing out at malpractices by management of the Citizens Cooperative Bank Ltd. he said that financial health of Bank was eroded by the unscrupulous Cooperators and so called founders as a result the Bank was declared “Weak Bank” by RBI in 1996 and irony is that such elements repeatedly managed their entry on the Board by foul means and instead of bringing improvement they rather deteriorated its health as a consequences, the bank continues to be weak for last thirteen years. As per latest position the profits generated by Govt. Board till 2007 have been diluted and turned into losses by 3.00 crores approx. with in less than two years due to mismanagement, lavish expenditures on fake foundation stone laying ceremonies, unnecessary expenditures on advertisements, tours, donations and entertainments etc. alongwith other acts of granting unsafe loans haphazardly.
Chuni welcomed the induction of Dr Manohar lal as Minister of Cooperatives, hoped Cooperative movement will certainly get a boost from such personality who is man of integrity and known in his field. He expressed satisfaction that his role will open a new chapter of progress and give new dimension to Cooperative movement in the state.
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