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May 9, 2002 | 0845 IST
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Amravati co-op banks take Rs 92.4-million hit

Renni Abraham

Investigations currently being undertaken by the office of the registrar of state co-operatives have revealed that the Amravati People's Co-operative Bank and the Amravati Zilla Parishad Teachers Co-operative Bank have taken a hit of Rs 90 million and Rs 2.4 million, respectively, in the government securities scam.

It is gathered that government securities transactions of the Chiplun Urban Co-operative Bank are also being closely looked into.

According to highly placed state government sources, the two Amravati-based co-operative banks did not have physical possession of the government paper which had been purchased from brokers.

The registrar of state Co-operatives had recently ordered a special audit of 30 district central co-operative banks and 658 urban co-operative banks across the state.

This move comes in the wake of the dubious transactions of a host of district central co-operative and the urban co-operative banks coming to light.

All the banks had been asked to submit the report to the Registrar of co-operatives by May 20 2002.

According to a study conducted by the commissioner of co-operatives the urban co-operative banks from Maharashtra were found to have invested Rs 240 billion in government securities.

This was well beyond the required level of the 25 per cent statutory liquidity ratio. The urban co-operative banks had to fulfill the investments norms in SLR by March 2003.

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