Srinagar, Oct 3: Even as losses in the Central Cooperative Bank Islamabad mounted to around Rs 50 crore, the state government is yet to intervene to save the financial institution or order an inquiry recommended by the higher ups of the administrative department into its tardy functioning.
 The Registrar Cooperatives, Jammu and Kashmir in a letter bearing number RCS/B&F/K-2/357-58 dated 07-08-2009 addressed to Principal Secretary Agriculture Production and Cooperative Societies has recommended an inquiry by Commissioner of Inquiries to probe the posting of the General Manager allegedly surpassing his seniors and as also other accusations of misappropriation in CCB Islamabad.
 The letter says that inspection reports received on the working of Bank from NABARD, the co-regulator, also speak of the dwindling situation of CCB Islamabad.
 It further says that the accumulated losses of the Bank have assumed alarming proportion and have touched about Rs 52 crore as on 31/03/2009.
 “Since the posting of incumbent General Manager at CCB Islamabad, we have been receiving day in and day out complaints either directly of from the administrative department, vigilance organization and other quarters. Though the action on the complaints received has been taken from time to time, yet the matter has not ended till date,” it further reads.
 With the government watching as mute spectator and overlooking recommendations of the Registrar, the losses rose above Rs 57 crore.
 Shockingly, earlier this year Bank advertised posts of cashier/ clerk in clear contravention of rules and written exams for said post were also held in unfair way to accommodate blue-eyed candidates.
 When contacted, chairman CCB Islamabad and secretary Cooperatives Abdul Hameed said that probe has been ordered into the matter.
 He said that deputy secretary cooperatives and managing director State Cooperative Bank is looking into the matter
 “Every aspect would be covered in the probe,” he added.

Lastupdate on : Sun, 3 Oct 2010 21:30:00 Makkah time
Lastupdate on : Sun, 3 Oct 2010 18:30:00 GMT
Lastupdate on : Mon, 4 Oct 2010 00:00:00 IST