Imphal, June 25 NNN: Imphal Urban Co-operative Bank (IUCB) is on the verge of abolition as its Board of Directors (BDOs) who are taking the responsibility of management of the bank are now indulging in rampant corruption and mismanagement, IUCB Share Holders’ Welfare and Development Association (IUCBSWDA) accused on Monday.
The bank had brought its reputation after it received the status of ‘A’ class as well as significant improvement in financial position which in turn enabled it to distribute dividend to 23, 000 share holders, Th Bimol, secretary of IUCBSWDA told reporters at the Manipur Press Club here Monday.
Bimol alleged that notwithstanding the ban imposed by the RBI, some individuals have been appointed as employees of this bank after a DPC held under the chairmanship of P Khogendro, General Manager of the bank. This move was taken up following a meeting of the BDOs held on May 5 last.
Drawing the attention of the state Chief Minister, the secretary of IUCBSHWDA said, he, on behalf of all the share holders of the bank, urges the Chief Minister to instruct the concerned minister to take up necessary action for approval for initiating an inquiry into the matter.
Read more / Original news source: http://manipur-mail.com/iucb-facing-internal-crisis/
