Branch manager Surendra Mohan of Palampur branch of Kangra Central Cooperative Bank (KCCB) has been terminated from his position for disbursing a loan of Rs 3 crore 82 lakh to a wine contractor without getting the approval of the loan committee. He had disbursed the loan just a day before the loan application was to be presented before the loan committee for approval.
The matter came to light when Keshav Korala one of the bank directors came to know of the transaction. After Korala’s consultation with BOD an inquiry committee was formed to look into the matter.
The branch manager disbursed a loan amount of Rs 3 crore 82 Lakh in the month of March this year. However, the loan committee members had not approved of the loan.
The branch manager has pleaded guilty.
Talking to this correspondent, Keshav Korla who is associated with BJP said the bank’s NPAs hovering around 17 to 18 per cent have become a serious problem.