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Management misusing deposits allege bank shareholders
The association’s secretary slammed bank management for wasting the depositors’ hard earned money for organising tours to directors. “According to the RBI, the banks should return deposits to customers on maturity at the earliest. It has also made it clear that the bank management should not waste public money on unimportant events,” he added.
Chittoor: Questioning the funds misuse by the Chittoor Co-operative Town Bank (CCTB) management, CCTB Shareholders Association Secretary Parthasarathi Naidu alleged that bank management has been indulging in irregularities at the behest of local ruling TDP leaders. Speaking to the media at Press Club here on Tuesday, Parthasarathi Naidu came down heavily on CCTB chairman and directors for failing to recover the bank from losses.
The association’s secretary slammed bank management for wasting the depositors’ hard earned money for organising tours to directors. “According to the RBI, the banks should return deposits to customers on maturity at the earliest. It has also made it clear that the bank management should not waste public money on unimportant events,” he added.
Parthasarathi expressed anguish over customers withdrawing deposits from the CCTB as they have lost faith in the management. He faulted the bank employees for harassing defaulters to collect the outstanding loans. He made an appeal to the bank management not to give scope for political parties to interfere in the bank matters.
The association’s secretary sought Chief Minister N Chandrababu Naidu’s intervention in CCTB affairs and asked him to take serious action against management for making bank to go defunct. He quoted several examples as to how the CCTB chairman and directors misused bank funds. The association members P Gurrappa Naidu, Kodandarami Reddy, Durvavasulu and others also spoke.
