A news outlet reports Kangra Central Cooperative (KCC) Bank that that caters to the banking needs of a huge population spread over half a dozen districts in Himachal Pradesh has fallen into a serious financial crisis.
The crisis is supposed to stemmed from the bank losing Rs 45 crore.
As suggested by Nabard , the HP government has instructed the Registrar Cooperative Societies (RCS) to get 1.25 lakh loan accounts of the bank thoroughly audited and to submit a report of the irregularities to the government.
Interestingly, the bank had earlier claimed that it had a profit of 65 crore.