Upto Rs 1L deposits to be refunded

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Bhubaneswar: The Odisha Cooperation department has decided to refund deposits of less than a lakh in the closed Bhubaneswar Urban Cooperative Bank.
This was revealed by Odisha Cooperation Minister Surya Narayan Patro at the state secretariat here Tuesday.
Patro informed, “Bhubaneswar Urban Cooperative Bank has been shut down due to liquidation. Deposits of 1600 customers, who have deposited below Rs 1 lakh, will be refunded. At the same time, he warned property and businesses of the loan defaulters will be attached. “Hence, I request them to repay their loan arrears with interest before the punitive action,” he said.
On being queried about the deadline issued to the defaulters, the minister said the process had already started. According to official sources, there are 400 defaulters who have not yet refunded loan amounting to about Rs 42 crore.
Official sources also revealed that Rs 5 crore loan amount reflected in the bank ledger had allegedly been tampered with and manipulated by the then Branch Manager who was placed under suspension after legal action. The Cooperation Department has brought this to the notice of the Economic Offences Wing (EOW) of Odisha Crime Branch and also moved the Supreme Court so that his bail is cancelled.