Mumbai Bank Inquiry

|| Sanjay Bapat

Order of Co-operation Department to submit report within three months
Mumbai: The Co-operation Department has decided to conduct a thorough inquiry into the Mumbai District Central (Mumbai) Co-operative Bank headed by Praveen Darekar, Leader of Opposition in the Legislative Council. Accordingly, District Deputy Registrar Pratap Patil has been appointed as the Inquiry Officer. Divisional Co-Registrar Bajirao Shinde on Wednesday directed to submit an inquiry report within three months as per Section 83 of the Co-operation Act.

The department of co-operation had decided to conduct a test audit of the bank in view of complaints received about its operations. Accordingly, it is understood that the test audit and the report on administrative irregularities in the bank contained serious allegations against the management of the bank. According to the report, the department of co-operation has decided to conduct a thorough inquiry into the functioning and financial condition of the bank and an inquiry has been ordered accordingly. Loksatta has a copy of this order. Darekar’s problem is going to increase as the bank is facing an election.

The inquiry will look into maintenance costs incurred by the bank in computerization in the last five years, irregularities in hardware procurement, repair of immovable and leased property, renovation expenses, non-performing loans under corporate loan scheme, loans to co-operative housing societies under self-sufficiency policy.

Issues such as non-performing loans issued by the bank in violation of jurisdiction mentioned in the bye-laws and agreed upon by the Reserve Bank, non-performing class five-year misappropriated gold mortgage loans, non-performing loans allotted to labor co-operative societies, loans to housing societies on the basis of forged documents. . The Divisional Co-Registrar has directed the investigating officers to conduct a thorough inquiry based on all these issues and submit a report within three months.

Political motives behind the decision: Praveen Darekar

The bank’s elections will be held soon and the bank’s chairman Praveen Darekar alleged that the action was taken only for political motives to discredit him. As per the rules, the bank is required to give a period of three months to meet the objections raised after the bank’s test audit. However, the co-operation department has ordered a unilateral inquiry after the test audit did not give the bank enough time to address the objections. We will go to court against this and justice will be served there, said Darekar.


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