President of the management board of the Imphal Urban Cooperative Bank has rubbished all allegations leveled by two shareholders recently.
Addressing reporters he said the two members had given vent to their personal frustration as they have not been able to get themselves elected to the board of directors of the bank. A legal action would be initiated against them for making baseless allegations.
The president made it clear that his bank has a strong financial background and it is not tainted by any scandals or irregularities.
According to the general manager of the bank, the bank operates in a transparent manner and its transactions are regularly audited by the RBI.
July 3rd, 2012 at 12:05
It is very common in Indian Cooperative sector. Leave apart the Imphal UCB case, there are instances of sitting director brings a litigation on another fellow director even for silly reasons and the so called executive magistrate (bureaucrat) makes money out of such litigation. Cooperative enactments in India so far are bureaucratic centered. Ultimately, the politicians and bureaucrats will share the bounty of budget allocations on cooperatives. Hope, the 97th Constitutional amendment should bring a positive change in the sector!