Deputy Commissioner and Registrar of Cooperative Society, Chandigarh has ordered an inquiry into the opening of four additional branches of the State Cooperative Bank without taking permission from the RBI and dissolved the Board of Directors of the Bank, reports Tribune.
Sources said the four new branches of the State Cooperative Bank had been opened in different sectors of the city.
Earlier, the Registrar had quashed the decision of the Board of Directors extending its term from three to five years.
The registrar’s order says the extension of the board’s term was done before the general body’s meeting was held on April 20, 2013, and the notification issued by the Administration without considering the other terms and conditions of the 97th Amendment Act, 2011.
