According to the shareholders’ welfare and development body, the Imphal Urban Cooperative bank’s financial situation has come to a nadir as it is mired in corruption and mismanagement.
Addressing reporters, members of the welfare body said the bank is being controlled by the corrupt governing body and in consequence the bank could collapse anytime.
They added the bank had earlier a good financial background but the recent RBI enquiry has revealed a different picture.
The governing board, according to them, has not only used bank’s money recklessly but also violated the RBI guideline putting people on jobs without vacancies.