It is high time Cooperative bank get cautious. There is attempt by some unscrupulous elements to tie up with little known urban cooperative bank to act as conduit for accumulating black money. Starved of cash and eager to go global , there is danger that the urban cooperative bank may fall victim to such greed.
Recently such a funny episode took place with Satara based Cooperative bank in Maharashtra. Some foreign trust based in Zurich in Switzerland wanted to buy 49 per cent stake in the bank.
The government of India rejected the proposal of FDI , though primarily on the issue of amount of Rs 2.5 crore is too small for clearance. But Government failed to understand the reason behind such interest in cooperative bank by a foreign trust.
The trust is owned by princely state of Liechtenstein. It is the same tiny principality which has turned tax heavens for corrupt persons all across the globe and particularly for Indians. The landlocked principality has over a dozen banks where many Indians are suspected to have stashed away millions of dollars.
