An audit on the finances of Guru Raghavendra Cooperative Bank has found irregularities to the tune of Rs 1,294 crore, Cooperation Minister S T Somashekar said Wednesday.
In a meeting chaired by the minister, a decision was taken on returning the property papers pledged to avail loans within 10 days of loan repayment. The meeting also discussed the investigation into the irregularities and steps to revive the bank.
All the documents of those who availed loans are in the possession of Enforcement Directorate. Some loanees could delay repayment as they could face difficulties in recovering their documents due to the ongoing investigation. However, measures will be taken to return the papers, he said.
Another meeting on the issue is scheduled on September 5.
Referring to the Vasishta Cooperative Bank, Somashekhar said the extent of fraud in the bank was Rs 282 crore. A court stay to recover the loan is vacated and the money will be recovered at the earliest, he added.
(Published 17 August 2022, 19:26 IST)
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