Says dividend to be paid after new BOD

Solan, Oct 4

Sweeping away rumours being spread, the administrator of The Baghat Urban Copperative Bank Gaurav Chauhan today assured customers and share holders that all deposits and related operations in the bank are completely safe and secure.

Talking to media persons along with senior officers of the bank, Gaurav Chauhan clarified the situation on the apprehensions about The Baghat Urban Co-operative Bank claiming that bank was working in its normal course and earned good share in the market.  He assured the investors and customers of the bank that their money is completely safe.  No one needs to be worried and appealed them to overlook the rumors.  The bank has sufficient capital and funds in accordance with the directions and guidelines of the Reserve Bank of India.  The NPA of the bank has reached about only 20 percent for which special teams have been constituted. The defaulters of the bank are cooperating and hwve started depositing the pending loan amount. The bank has recovered over Rs 48 crores of pending loan amount, till date.

Notably, administrator Gaurav Chauhan, who was appointed to oversee the functioning of the bank, said that some rumors have spread about the bank in the market which is completely baseless.  All the loans had been sanctioned in accordance with the directions and rules of the RBI and no undue favours had been extended to any of the lonee.  The term of the elected Board of Directors ( BOD) had expired around a year ago after this a nominated committee was constituted  that added 123 new share holders with bank in violation of the rules. Shortly after this, the nominated committee was dissolved by the registrar and election for the new BOD has been declared. Administrator and Assistant Registrar of Co-operative Societies have been appointed to conduct the elections. Elections will be held on November 14

Gaurav Chauhan said that now the process to elect the new BOD has been started.  After this, the AGM will be held in which the decision about paying the dividend to its share holders will also be taken.

Replying to a question, bank officials said that the RBI had imposed the penalty on the bank not because of any irregularity but for giving more than 15 per cent of the prescribed limit on house loans.  This penalty was also the lowest.

Replying to another questions, he said that two cases of sanctioning of loans on fake documents have come to notice in bank’s Shimla branch in which it was found that the lonee fraudulently prepared fake deeds to secure a loans of Rs. 84 lakhs. During the investigations, Tehsildar Shimla confirmed that deeds were prepared fraudulently by the lonees. After this, bank had attached the properties of the loaners and FIR was being registered against them.  There has been no irregularity on the part of the bank in both the cases.

Executive Managing Director Neelam Kashyap and Sandeep Uppal, DGM Bhupendra Kumar, AGM Nandlal Chauhan, PRO Manjit Kumar, Rajesh Thakur and Gopal Mehta were also present on the occasion.


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