Bank shareholders allege foul play; threat to shut down the bank

Pothashang News Service

Imphal, Oct 16: Shareholders of Imphal Urban Co-operative Bank today alleged foul play by its general manager and her associate over the utilisation of Rs. 1, 000 crore by violating the general guidelines of the Reserve Bank of India.

In a press conference held today at Manipur Press Club, S. Rajen Singh, President of the share holder’s body, Imphal Urban Co-operative Bank Share-Holders Development Union (IUCOBSHDU), said that G. Tharaksana Devi, general manager of the bank has been undertaking inappropriate activities by violating the general guidelines of RBI for more than Rs. 1, 000 crore by investing to beneficiaries in terms of loan in her own interest in connivance with her junior manager Ng. Priyogopal Singh.

Rajen also said the union will have no choice but to shut down the Imphal urban Co-Share-holders of Imphal Urban Co-operative Bank alleging foul play Operative Bank if both the person involved in the financial misappropriation, are not suspended within seven days.

The Union also demanded an immediate enquiry over the foul play of the two persons.

Rajen said that Tharaksana Devi, has been using the invested money at her own will without giving any consent to the 22,000 shareholders of the bank. The public money is also being use and invested beyond the permissible limit provided by the RBI and the review which should be done every six months is also not done till date, he added.

Imphal Urban Co-operative body is supposed to be run under the control of the Board of Directors elected by a democratic election from among the Share Holder.

After some misunderstanding arose between the members of the Board of Directors the election could not be held. Manipur High Court has however directed to appoint an IAS officer to look into the functioning of the bank on July 27, 2017. However, the said IAS officer has not been consulted by the General Manager for reason best known to her.

It has been two years that the Board of Directors has not been elected. This is due to the interference by Tharaksana Devi.

The Share-Holder body also alleged the manager for misusing her power to the appointment and promotion of some staffs of the bank.

The share-holders’ body said if Tharaksana Devi and her associate has not been suspended and recollect all the misused fund from her, it will lanch agitation and shut down the bank.