Rediff Logo
Home > Money > Business Headlines > Report
May 7, 2002 | 1325 IST
  Money Matters

 -  Business Headlines
 -  Corporate Headlines
 -  Business Special
 -  Columns
 -  IPO Center
 -  Message Boards
 -  Mutual Funds
 -  Personal Finance
 -  Stocks
 -  Tutorials
 -  Search rediff


 Secrets every
 mother should

 Your Lipstick

 Make money
 while you sleep.

 Bathroom singing
 goes techno!

 Search the Internet
 Sites: Finance, Investment

Print this page Best Printed on  HP Laserjets
E-Mail this report to a friend

Nagpur co-op bank administrator changed

BS Regional Bureau

The Maharashtra Cooperation Commissioner, Ratnakar Gaikwad, ordered the change of administrator of the Nagpur District Central Cooperative Bank Ltd.

The administrator S B Patil, who is the Deputy Registrar of Cooperative Societies, Nagpur District, was replaced by executive director of Nirmal Urban Cooperative Bank Limited, L B Patil. S B Patil had taken charge on May 3 evening. Sources said the administrator was changed to maintain more transparency in the probe concerning NDCCB.

S B Patil was also an ex-officio director of the NDCCB at the time when the Rs 1.49 billion scam took place.

Meanwhile, Gaikwad said that his department did not have any expertise of dealing in government securities and hence could not appreciate the gravity of the Rs 1.25 billion case.

Gaikwad said the Reserve Bank of India and the Securities Exchange Board of India should have detected the gilts scam at NDCCB.

Gaikwad gave a clean chit to his own department, saying that his men did not have the experience or knowledge about gilts.

"Our department has no experience in monitoring the deals in the secondary market," he said.

Powered by

The Rediff Budget Special
The Rediff-Business Standard Special

Tell us what you think of this report