Bharat Co-operative Bank clarifies: No restrictions on loans or deposits

Also denies its involvement in ED’s investigations pertaining to a money laundering case

A mid-day report on cooperative banks (Scams storm in cooperative banks, February 20) had mentioned that the RBI imposed restrictions on Bharat Co-operative Bank (Mumbai) Ltd due to financial mismanagement and governance issues, barring it from granting loans or accepting fresh deposits without prior approval.

The bank has clarified its stance stating that RBI has not imposed any such restrictions on the bank and also there is no financial mismanagement or governance issue.

The bank has also further denied its involvement in ED’s investigations pertaining to a money laundering case.

The error is regretted.

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