Four cooperative bank managers suspended

Raisen, MP, Oct 17 (UNI) Four district cooperative bank managers have been suspended on the charge of irregularities to the tune of Rs 34 lakh in rain insurance scheme.

''Besides, steps are being taken for registering a criminal case against a retired branch manager and for recovery of amount from him,'' bank's General Manager P S Dhanwas said today.

Under the rain insurance scheme -- launched by the IFFCO TOKIO General Insurance (IGTI) in 2007-08 -- farmers had to get their insurance done by May 31, 2007. However, bank managers got insurance of several peasants done up to June 20, 2007 in collusion with the insurance company.

The inquiry -- by the Madhya Pradesh Economic Offences' Wing and the Registrar, Cooperative Societies -- said the bank managers overlooked rules and the welfare of farmers by releasing more than Rs 34 lakh to the company.

Dehgaon branch manager caused a loss of Rs 11.31 lakh, Bamhori branch manager of Rs 90,000 and manager Vaundar Singh Yadav of Rs 8.78 lakh, Khargone branch manager U S Bhargava of Rs 1.32 lakh and Obedullah branch manager Anand Srivastava of Rs 12.30 lakh.

UNI XC-PS 1535