A news outlet reports audit of Baripada branch of Mayurbhanj Central Co-operative Bank in Odisha has revealed a loan scam perpetrated by the bank’s officials showing undue favors to loan defaulters through one-time settlement (OTS) mechanism.
Assistant Auditor General, Cooperative Societies, Mayurbhanj circle, Baripada has suggested the bank’s president Rajkishore Acharya involved in the irregularities be given the sack.
Sources say following the disclosure of irregularities, surcharge proceedings were initiated against the bank’s president, the then CEO and manager of Baripada branch.