Nabard to examine bank irregularities

MUMBAI: The National Bank for Agriculture and Rural Development (Nabard) will look into allegations of financial irregularities committed by the past and present chairpersons and board of directors of the Ratnagiri District Central Cooperative RDCC) bank.
Union minister of state for finance Anandrao Adsul recently wrote to Nabard chairperson Y C Nanda to carry out a special audit of the RDCC bank.
Mr Adsul had received a complaint from state leader of the opposition Narayan Rane. NCP leader from Konkan region, Govindrao Nikam, is the present chairperson of RDCC bank.
The issue assumes significance because the Union finance ministry rarely intervenes directly in such cases.
The state co-op department, headed by chief minister Vilasrao Deshmukh, is responsible for the current and concurrent audit scrutiny of the bank''s account books.
Mr Rane, in a complaint, had pointed out that no action was being taken against the chairperson and directors of the bank despite adverse comments made by the statutory auditors in their audit report.
In a four-page letter to the Union finance ministry, Mr Rane has accused Mr Nikam and the then chairperson of the bank, Mohan Indulkar, of conniving with the intention to defraud the bank.
Mr Rane has raised questions on the Rs 117 lakh loan sanctioned by the bank to Mr Naik''s powerloom co-op, the Ratnagiri District Yantramag Audyogik Sahakari Sanstha Ltd, situated at Savarde in Chiplun taluka.
“Loan was disbursed in 1991-92 without permission from Nabard. The total outstanding as on March 2000 was Rs 361.21 lakhs of which Rs 308.46 lakhs is overdue,'''' Mr Rane said.
Incidentally, Mr Nikam was chairperson of the powerloom co-op while Mr Indualkar was chairperson of the bank when the loan was approved. “Today Mr Nikam is the chairperson of the bank and Mr Indulakar is a board member of the RDCC bank,'''' Mr Rane observed.
In another instance, the bank cleared Rs 10 crore loan for the Hianyakeshi Sahakri Sakhar Karkhana at Sankeshwar in Kolhapur district. “No permission was sought from the state co-op department for extending advances beyond the area of operation,'''' he said.