Page 20 - Banking Finance June 2025

Following the licence cancellation, the calling them politically motivated, even
Cooperative Commissioner and Regis- as pressure mounts for accountability Attention Subscribers
trar of Cooperative Societies, Uttar and justice in the high-profile case. Please renew your Subscription of The
Pradesh, has been directed to initiate Insurance Times Journal to receive
the bank's liquidation process. Most Uttar Pradesh Coopera- copy of the journal uninterruptedly.
depositors will be eligible for insurance You can now pay by GPAY, Phonepe,
coverage of up to Rs. 5 lakh through tive Bank posts net profit Paytm, Amazon, ICICI Pay, BHIM UPI
the Deposit Insurance and Credit Guar- of Rs 100 crore in 2025
antee Corporation (DICGC).
The Uttar Pradesh Cooperative Bank
This move aligns with RBI's efforts to on Wednesday reported a net profit of
safeguard public trust and ensure the
Rs 100 crore in 2025, on the back of
soundness of the banking sector.
increased lending activity and im-
proved management practices.
Senior CPI(M) Leaders
The total business stood at Rs 41,234
Named in ED Chargesheet crore, reflecting its growing role in the
in Karuvannur Coopera- rural economy, according to a state-
ment.
tive Bank Scam
"The bank's net profit, which stood at
In a major development in the
Rs 32.82 crore in 2017, has now
Karuvannur Cooperative Bank scam
crossed Rs 100 crore -- registering a
case, the Enforcement Directorate
threefold increase.
(ED) has named senior leaders of the
Communist Party of India (Marxist) in "This remarkable growth highlights
its chargesheet. The case, which in- not only increased lending activity but
volves alleged money laundering and also the impact of improved manage-
fraudulent loans worth over Rs. 150 ment practices and enhanced trans-
crore, has rocked Kerala's political and parency," it added.
cooperative landscape.
In 2017, the Uttar Pradesh Coopera-
The ED alleges that several CPI(M) tive Bank disbursed loans worth Rs Sashi Publications Easy Payment
functionaries colluded with bank offi- 9,190 crore. Modes :-
cials to siphon off large sums through i) UPI ID: SASHIBOOKS@KOTAK
By 2025, this figure has surged to Rs
benami loans and illegal financial deal- ii) GPAY: 9830171022@okbizaxis
23,061 crore under the Yogi govern-
ings. The chargesheet details how iii) PAYTM: 9830171022@paytm
ment -- a testament to its effective-
these individuals manipulated records iv) NEFT: Current A/C
and used shell entities to divert funds ness in economically empowering farm- 402120110000327 of 'SASHI
meant for genuine account holders. ers and small entrepreneurs across the PUBLICATIONS PRIVATE
state.
This marks a significant escalation in LIMITED, Bank of India, VVK
the investigation, with ED intensifying The crop loan disbursements have also Road Branch., Kolkata, India,
scrutiny on political links and financial doubled to Rs 11,516 crore. IFSC Code : BKID0004021
irregularities. The scam has led to Additionally, 13 new branches of coop- v) Credit Card:
widespread protests and public out- erative banks have been established, www.sashipublications.com
rage, particularly among affected de- and PACS (primary agriculture credit For any query please call
positors. societies) have been upgraded into 9073791022/9883398055
The CPI(M) has denied the allegations, multi-service centers, it said. www.sashipublications.com

18 | 2025 | JUNE | BANKING FINANCE