According to a Banglore news outlet, a former ranking banker had alerted the RBI to numerous alleged irregularities in the 95 years old Malleshwaram cooperative bank in Bangalore during his service. In a complaint lodged with the police, this whistleblower has cited a danger to his life and sought security.
The whistleblower Ashoka Kashi Rao had worked as CEO of the bank. His raising an alarm had the RBI watching the cooperative bank carefully. According to Mr Rao, some of the directors had opposed his notings in the loan applications which were in violation of the bank’s loan policy and the RBI directives.
However, the cooperative bank officials have refuted all allegations. “Our governing authority is the RBI and they have not raised any query” said the bank president, A.R. Ananthan.