Page 26 - Banking Finance April 2016
P. 26
CO-OPERATIVE BANK NEWS
TANCUBFED contracts Vigilance raids Cooperative bank of Odisha for assets
with Mumbai tech co for
core banking case
The Tamil Nadu State Federation of A banking assistant came under the Dhanupali in Sambalpur and fame
Urban Cooperative Banks Vigilance scanner when anti-corrup- house at Pua under Tarava in
TANCUBFED) has awarded a five-year tion wing officials searched his office Subarnapur districts were searched si-
contract for implementation of core and houses located in
banking system in 128 Urban Coop- Nuapada, Sambalpur, multaneously on the
erative Banks in the state of Bolangir and Subarnapur dis- strength of a search war-
Mumbai-based InfrasoftTech. tricts of Odisha in pursuance rant.
of a disproportionate assets
"This automation project will enable case. Vigilance sleuths detected
the banks to leverage the power of movable and immovable
Private Cloud infrastructure to pro- On acquisition and possession of dispro- properties worth over Rs
vide seamless digital transformation portionate assets, Bolangir Central Co- 85,92,129 in the name of Meher and
of operations, transaction manage- operative Bank banking assistant in the name of his family members.
ment, improvement in customer ser- Upendra Meher's paternal house at Sources said more incriminating docu-
vice and efficient reporting to inter- Tarava town in Nuapada district, ments and his investment in different
nal and regulatory authorities," double-storied building at Kuluthakani, sectors were detected and assessment
Rajesh Mirjankar, CEO & Managing of those properties was on.
Director, InfrasoftTech, said.
I-T's TDS wing demands Rs. 7 crore from 3 cooperative
Co-operative banks in Tamil Nadu
mostly work on a branch-based system banks of Surat
where each branch has data in its in-
dividual server. With the implementa- The income tax department's (TDS) Surat National cooperative Bank,
tion of core banking, data of all wing has unearthed non-compliance of Prime Cooperative bank and Surat Tex-
branches will reside on a central server TDS provisions in the interest
thus opening up digital channels for payments on fixed deposits by tile Cooperative Bank.
these banks. With mounting competi- around five urban coopera-
tion from commercial banks and the tive banks to the tune of over Sources said that the officials
upcoming payment banks, this move is Rs 7 crore. found the negligence of
expected to help co-operative banks these cooperative banks in
seek a competitive edge. Few days ago, the TDS wing had taking form 15/G and form
swooped down on three nationalized 15/H for the payment of in-
The automation process will be ex- banks with regards to the non-compli- terest on the FDs and other schemes.
ecuted by implementing Infrasoft ance in the payment of interest on the
Tech's core banking solution which fixed deposits by their account holders, Official sources said that the Surat
will support the entire business op- etc. The UCBs covered under the sur- Peoples' Bank has declared Rs 4 crore,
erations of a bank-from the front of- vey are Surat Peoples' Cooperative Surat District Bank has declared Rs
fice through operational workflow, Bank, Surat District Cooperative Bank, 1.04 crore and that the Surat Textile
the back-office and the accounting. Cooperative bank has declared Rs 1.65
crore as TDS outstandings.
The solution will enable a bank to
have a single view of its customer, Cooperative bank at Sangli lands in trouble for
offer service delivery through digital
banking channels, and quickly re- swizzling with PF
spond to customer and market de-
mand while managing risks and regu- Keeping the provident fund (PF) money deducted from employees' salaries in a
latory compliance. separate account instead of depositing the same with the PF authority has
landed a cooperative bank at Sangli in trouble.
The Bombay high court has refused to interfere with the Sangli sessions court's
order confirming the trial court's issuance of process against the office-bearers
of the Sangli District Primary Teachers' Cooperative Bank Limited for criminal
breach of trust and cheating. The PF authority had imposed a fine of over Rs
23.92 lakh on the bank for not depositing the PF contributions.
26 | 2016 | APRIL | BANKING FINANCE
