Yavatmal district bank poll: 58 candidates for 23 seats as save-the-bank panel alleges dead voters and 52% NPAs

Yavatmal: Voting for 25 director posts of the Yavatmal District Central Cooperative Bank takes place on October 11. Two directors have been elected unopposed, leaving 58 candidates in the fray for the remaining 23 seats, and 1,574 voters will cast ballots. Results are due on October 12. Farmers do not vote directly in this election; the voters are representatives of the bank's member institutions and various cooperative societies.

The bank was controlled by the Congress and the NCP until five years ago, and this time the Mahayuti and the Maha Vikas Aghadi are locked in a close contest for it, Loksatta reported. Because directors who have served ten consecutive years cannot contest, some senior directors have fielded their heirs. The report also said the bank's deficit is around ₹550 crore after the government announced the loan waiver.

Santosh Borele, president of the Yavatmal District Central Cooperative Bank Bachao-Sangharsh Samiti, has alleged that the final voter list includes about 325 dead voters, incomplete names and ineligible institutions. He also said the increase in the number of directors from 21 to 25 was against the rules and that the bank's non-performing assets (NPAs) stand at about 52 per cent. If NPAs cross 60 per cent, an administrator could be appointed under RBI and NABARD rules, the samiti says.

Allegations about a recruitment scam, irregular deposits, contracts to private agencies, purchases and travel expenses are also doing the rounds in cooperative circles, Loksatta noted. The bank's response to these allegations was not part of the report.

Source: Loksatta