Page 20 - BF Cover February 2019

CO-OPERATIVE BANK NEWS

Kangra coop bank officials indicted for NPAs
Tata Capital Housing Fi-
nance ties up with The State Vigilance and Anti-Corruption Bureau has finalised the inquiry report
into bad loans extended by the Kangra Central Cooperative Bank (KCCB) during
Saraswat Co-operative the stint of previous Congress government.
Bank Sources said the inquiry had indicted bank man-
agers, members of loan sanctioning committee of
Tata Capital Housing Finance Ltd
(TCHFL) has entered into a strategic the previous board of the KCCB and evaluators for
a criminal conspiracy for extending risky loans that
alliance with Saraswat Co-operative caused losses to the bank.
Bank Ltd.
With this SP Vigilance S Arul Kumar admitted that the in-
partner- quiry had been completed. The report would be sent to head office after which
ship, directions would be issued.
Saraswat The sources said a loan of Rs 62.72 crore extended to a steel unit in Amb area
Co-opera- of Una had turned out to be an NPA. Similarly, the Palampur branch of the bank
tive Bank's customers would be able had taken over a bad loan of a bank and the account now was an NPA.
to avail of a range of products from The loan given to the Palampur based hotel had been a bone of contention
TCHFL. between the former board of directors of the bank.
The tie-up will provide TCHFL an op- The MD in his report has said Credit Monitoring Arrangements (CMA) norms of
portunity to increase its reach to the RBI were violated while granting the loan. The MD had stated in his report
customers in the interiors of the that as per norms circulated by NABARD to cooperative banks the financing of
country. The suite of product offer- individuals by cooperative banks with 'A' rating would be Rs 60 lakh, with 'B'
ings by TCHFL includes home loans, rating Rs 40 lakh and with 'C' rating Rs 25 lakh. The CCL limit of Rs 1.30 crore to
affordable housing loans and loans Anand Chauhan was a violation of the CMA norms for the cooperative banks.
against property.

Anil Kaul, MD, Tata Capital Housing
Finance said, "We are delighted to P V Bharathi assumes charge as CEO of Corporation Bank
create an alliance with Saraswat Co-
P V Bharathi, executive director of Canara Bank, has assumed charge as man-
operative Bank, which marks its
aging director and Chief Executive Officer (CEO) of the city-based Corpora-
100th successful year, serving over
tion Bank, a statement said. She is the first woman to serve the bank in this
30 lakh diverse customers across In- capacity, the release here said.
dia. This gives us an opportunity to
Bharathi has been executive director of
offer our innovative mortgage prod-
Canara Bank since September 15, 2016 and
ucts to the bank's customers, who
aspire to own a home or invest in served as the firm's general manager in the
risk management wing. She has more than 37
real estate. Housing finance is today
years of experience in the banking industry.
driven by rapid urbanisation, trans-
parent policies such as RERA, and She has served in different branches in the
the government's vision of Housing national capital region (NCR) and also in Tamil
Nadu.
for All by 2022."
She has experience in rural, semiurban, urban and metro branches of the bank
Gautam E Thakur, Chairman,
Saraswat Co-operative Bank said, as also in administrative offices of the bank. Bharathi has been a non-execu-
tive director of Can Fin Homes Limited since September 22, 2014 and also
"Our tie-up with Tata Capital Hous-
served as a director board member of Canbank Venture Capital Limited. She
ing Finance will enable us to fuel the
growing demand for home loans is a Certified Associate of the Indian Institute of Bankers (CAIIB) and a post-
graduate in Economics.
from our customers".

20 | 2019 | FEBRUARY | BANKING FINANCE