JOIN USAddressing a press meet here on Saturday, he said the administrative board of the bank had invested Rs 19 crore in Mutual fund by violating the guidelines of the NABARD and the RBI. With the crash in the share market, the Bank has incurred a loss of Rs 4 crore. The Bank President should bear the loss incurred. The rules state that money should be invested in the securities directly without depending on the brokers. However, the bank had invested through the brokers. The brokers were given a commission of Rs 1.56 crore.
Meeting
He said the DCC bank’s annual meeting will be held at September 19. The members should question on the irregularities. Kodagu district central Cooperative Bank is not anyone’s property. It is a public property. Anyone can question the irregularities in the bank, he added.