The Registrar, Cooperative Societies Punjab has suspended the Board of Hindu Urban Cooperative Bank based in Pathankot in Punjab on charges of favouring defaulters, reports The Tribune.
This was divulged by the Registrar Arvinder Singh Bains through a press release on Sunday.
After a detailed enquiry Bains felt that the interest of the depositors of the bank are at a grave risk. During enquiry it was discovered that the board indiscriminately extended financial benefits to certain selected defaulters.
Bhupinderjit Singh Walia, Deputy Registrar, Cooperative Societies, has been appointed administrator.