Excelsior Correspondent
JAMMU, Sept 14: Expressing serious concern on deteriorating financial health of the Citizens’ Cooperative Bank Ltd Jammu, the CCBL Shareholders Association has appealed the State Government to intervene immediately and save the bank as well as hard earned money of depositors.
“We appeal to the Chief Minister, Minister for Cooperatives and Registrar Cooperative Societies J&K, to take stringent steps against the management and Board of Directors and bring them to book for defiance of law,” said Choudhary Pushpinder Singh, president of the Association while addressing a press conference, here today,
Leveling a series of allegations against the bank management, Mr Choudhary referred to the observations made by the Reserve Bank of India in its reports for the last two financial years, which reveal sorry state of affairs in the bank.
Informing that within a day or two, the tenure of this management is expiring and as per provision of J&K Cooperative Societies Act, the management /board was duty bound to commence the process of elections before two months of the expiry of its tenure, the shareholders alleged that instead of discharging the legitimate duty, the incumbent management was busy in conducting board meetings for possible promotion of some blue eyed officials so that next elections are influenced through banks staff.
The press conference was also addressed by the Association general secretary Rajneesh Sharma and chairman Parveen Choudhary.
Follow our WhatsApp channel