Page 20 - Banking Finance December 2019

CO-OPERATIVE BANK NEWS

CO-OPERATIVE BANK

NEWS
NEWS
NEWS
NEWS
NEWS

Kerala Bank receives ap- NCP MLA Munde's flat taken under possession by co-

proval for its merger with op bank over dues
13 District Coop Banks A Pune-based cooperative bank has taken "symbolic possession" of a flat owned
by newly-elected NCP MLA Dhananjay Munde in
The Kerala Bank has received the fi-
Maharashtra for alleged non-payment of loan of Rs 70 lakh.
nal approval The NCP leader defeated his cousin Pankaja Munde of the
for the forma- BJP in the just-concluded assembly elections from Parli in
tion of 'Kerala Beed district of central Maharashtra.
Bank' from the
Based in Pune, Shivajirao Bhosale Cooperative Bank Ltd had published an ad-
RBI, which in-
volves the merger of 13 District Co- vertisement/notice related to the flat in a newspaper on October 25, the day
operative Banks (DCBs) with Kerala after election results were declared. "Since the respondent has failed to repay
State Cooperative Bank. the loan amount, the bank has taken symbolic possession of the property," stated
the notice. In symbolic possession, the property remains in the possession of
Malappuram DCB, which is controlled
the owner. The flat in question is located at 'Yugai Greens' project in Model
by the UDF has chosen to stay away. Colony in Shivajinagar. According to an official, if the borrower fails to repay
Kerala Bank, once it comes into be- the outstanding amount, the bank will send a proposal to the collector to take
ing, will be second-biggest bank in physical possession of the property.
the state after the State Bank of In-
dia in terms of deposits. Express Due to "serious irregularities" in functioning of the cooperative lender, its board
looks at Kerala's banking history and was dismissed earlier this month by the RBI, which subsequently appointed an
the current trends. administrator to run the bank, promoted by NCP MLC Anil Shivajirao Bhosale.
The Reserve Bank of India (RBI) has
given its final approval for the forma- Burglary in BHEL Employees Cooperative Bank in Trichy,
tion of ‘Kerala Bank’, which involves 1.43 cr stolen
the merger of 13 District Coopera- A burglar broke into the BHEL Employees Cooperative Bank in BHEL Township
tive Banks (DCBs) with Kerala State in Trichy and escaped with a bag containing Rs 1.43 crore in cash. The burglary
Cooperative Bank. Malappuram came to light when the employees opened the bank following day. The burglar
DCB, which is controlled by the UDF, entered the bank by unfastening a window of the room where the bag was kept.
has chosen to stay away. ‘Kerala
Bank’, once it comes into being, will A CCTV footage showed a man entering the bank and escaping with the bag.
The BHEL police began investigations. Preliminary inquiries revealed that Rs 1.5
be the second-biggest bank in the crore was withdrawn from the bank. Bank officials used Rs 7 lakh for some
state after the State Bank of India
(SBI) in terms of deposits. purpose and kept the balance amount in a bag. The police said that the cash
was not kept in the locker.

20 | 2019 | DECEMBER | BANKING FINANCE