Page 19 - Banking Finance October 2019

CO-OPERATIVE BANK NEWS

CO-OPERATIVE BANK

NEWS
NEWS
NEWS
NEWS
NEWS

RBI gives another exten- ED files FIR against Sharad Pawar in Maharashtra co-op

sion to Rupee Coopera- bank scam
NCP chief Sharad Pawar, his nephew and former deputy chief minister Ajit Pawar
tive Bank and others have been summoned by the Enforcement Direc-
torate (ED) in a criminal case of money laundering linked to
the alleged Rs 25000-crore scam in Maharashtra State Coop-
erative Bank (MSCB), according to the officials.
They said an Enforcement Case Information Report (ECIR), has
been registered by the central agency under the Prevention
of Money Laundering Act (PMLA) against all the accused. The case is based on
a Mumbai Police FIR that had named the then directors of the bank, former
deputy chief minister of the state Ajit Pawar and 70 former functionaries of the
Rupee Cooperative Bank of Pune has
been approved another extension cooperative bank. Sharad Pawar, chief of the Nationalist Congress Party and a
for its banking licence by the Re- former CM of Maharashtra, has been named in the ED FIR on the basis of the
serve Bank of India. The extension police FIR, they said. The registration of the case comes ahead of the October
is valid till November 30, 2019. The 21 Assembly polls in Maharashtra. It is understood that the accused will soon
board of administrators of Rupee be summoned by the agency to record their statements.
Bank is trying to safeguard the in- Diliprao Deshmukh, Isharlal Jain, Jayant Patil, Shivaji Rao, Anand Rao Adsul,
terest of its depositors since last Rajendra Shingane and Madan Patil are among the accused in the ED case. The
three years. The RBI has taken a ED slapped criminal charges of money laundering on the basis of the Mumbai
positive note of these efforts, a note Police FIR that was filed in August this year, which itself was filed on the basis
issued by the bank stated. of a similar complaint by the state economic offences wing (EOW).

The bank has paid Rs 338.20 crore Visakhapatnam Cooperative Bank announces 23.7
to 85,462 needy depositors under
the hardship scheme of the RBI and crore divident
currently, it has total deposit of Rs The Visakhapatnam Cooperative Bank Limited, during its annual general meet-
1,291.00 crore, CA Pandit, chairman ing has announced a dividend of Rs 23.7 crore, at 12% on the share amount, to
of the board of administrators, said. its 82,229 members for the financial year 2018-19. The bank had earned a profit
The inspection from the Reserve of Rs 37.23 crore for the year. The bank, which has 50 branches, proposes to
Bank and the statutory audit for open 12 more branches once it gets the approval of the RBI. With deposits of
2018-19 has been completed and Rs 3,110 crore and advances of Rs 2,139 crore, it currently has a business of Rs
there has not been any adverse re- 5,249 crore. The bank is targeting a business of Rs 6000 crore in both deposits
mark in these reports, Pandit said. and advances by March 2020.

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