Registrar, Cooperative Society, under provisions of Chhattisgarh Cooperative Society Act 1960 has suspended the Board of District Cooperative Central Bank, Rajnandgaon for irregularities. The order has been enforced with immediate effect.
The order stated that under Chhattisgarh Cooperative Society Act 1960 section 53 subsection 2, if the Board continues to function it will directly impact the interests of share holders.
During the suspended period, for normal functioning and management of bank, a managing committee has been constituted under district collector, Rajnandgaon. NABARD nominated officer, Deputy Registrar, Cooperative Society; Rajnandgaon will be members while Chief Executive Officer, of Bank will be member secretary.
As per reports, earlier notice was issued to the bank regarding various irregularities. The reply of bank is being examined on basis of its merit and demerits.