In Vijayawada, the Chairman of Gandhi Cooperative Bank, Vemuri Venkatrao, dismissed allegations of irregularities within the bank during a media address on Sunday.
Venkatrao responded to complaints filed by two directors to the State Cooperative department, accusing him and CEO K Siva Prasad of making unilateral decisions.
The dispute arose after plans to open a new branch in Visakhapatnam were announced. Venkatrao defended the decision, stating it was unanimously agreed upon by the executive committee.
The bank extended financial support for branch renovation and infrastructure establishment. The Cooperative department is currently investigating the matter.