The Reserve Bank of India (RBI) is keeping a close watch on the developments unfolding in Ghazipur the place misappropriation of funds was reported from the Purvanchal Co-operative Bank and the district police has really helpful the Uttar Pradesh Police’s Particular Investigation Department (SIB) Cooperative Cell to conduct a probe into the rip-off.
These conscious of the event stated the RBI has already stepped up its vigil and barred the Purvanchal Cooperative Bank from accepting recent deposits and disbursing funds for six months with impact from close of enterprise on August 29, 2023. An FIR was lodged on this regard on August 30, 2023.
“Sure, we’re keeping a close watch on the situation in Ghazipur and the district police is taking additional follow-up motion. The SSP, Ghazipur, has constituted a Particular Investigation Staff (SIT) to probe the case,” stated a senior RBI officer.
Senior superintendent of police (SSP), Ghazipur, Omvir Singh confirmed {that a} three-member SIT has been constituted to probe the case. “The SP (metropolis), Ghazipur, is main the SIT. All of the paperwork have to be scrutinised and the investigation is in progress. We’re writing to the Uttar Pradesh Police’s SIB Cooperative Cell to conduct a probe into the case,” Singh added.
He stated the state investigating companies normally accepted the suggestions made by the district police. The Ghazipur-based Purvanchal Cooperative Bank is one in all 59 city cooperative banks working in varied districts of the state beneath licence from the RBI.
It has six branches and serves roughly 19,000 depositors with whole deposits of about ₹40 crore. There have been gross irregularities within the financial institution and it gave incorrect info to the RBI displaying SLR of ₹1.97 crore which was zero as per the CSGL (Constituent Subsidiary Basic Ledger). The knowledge given in regards to the CRR (Money Reserve Ratio) was incorrect. The financial institution didn’t give full info to the RBI’s inspectors.
