The Lucknow -based HCBL cooperative bank CEO Pawan Kapoor has vehemently denied rumors that the bank is controlled by Sahara Group. The bank official claimed the bank is strictly functioning under the guidelines of RBI and UP cooperative dept.
Kapoor said Sahara is one of our important corporate clients, period.
It is worth mentioning that Sahara Group is fighting out a legal battle with SEBI over refund of Rs 20 thousand crore to investors. The matter is pending before the Supreme Court.
The HCBL has several branches across the state. In 2013-14, the Bank’s deposits and advances stood at Rs 192 crore and Rs 64 crore respectively.
