Excelsior Correspondent
JAMMU, Aug 18: The Citizen’s Co-operative Bank Limited Jammu Shareholders Association today appealed all its members to vote and support for a change in the top management of the bank and teach a lesson to those elements who are responsible for financial mess and other irregularities in the CCBL in the past ten years.
Addressing a press conference, here today, Advocate Parveen Choudhary, Chairperson of the Association along with Vinay Gupta and others, drew attention of the shareholders towards failures of the previous Boards of Directors, whose failures caused perennial losses for the last fifteen years due to bad loaning, unproductive expenditure, other mall practices resulting into increase in NPAs to the tune of fifty crores of rupees.
“The CRAR of the Bank has suffered over the years and went below three percent, which should ideally be nine percent, which warranted a strict warning by the RBI for supervisory action while share-capital and reserves of the bank miserably eroded during the tenure of past management,” Choudhary said.
He also alleged that interest income of the bank was sacrificed to the tune of the crores of rupees thereby jeopardizing the interest of the bank and RBI report was testimony to it.
“Lakhs of rupees were unnecessary spent in litigations against Government and Registrar Cooperative Societies so as to prolong their tenure against mandate while chaos and unrest prevailed amongst banks depositors, clients and staff due to unfair working style of past management based on nepotism and favourtism,” he said.
The Association leaders appealed to all the shareholders and members of the Citizens Cooperative Bank to cast their vote in favour of the panel led by Parveen Kumar Sharma who has all the time been contesting tooth and nail against the past management for the cause of the shareholders, depositors, clients and staff of the bank.
“We hope that the optimum participation of shareholders in the elections shall enable the bank to fulfill the agenda of the panel which is aimed at bank’s expansion, employment for the Jammu youth, payment of regular dividend to bank shareholders and enabling the bank to have its own building,” they said.
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