‘Govt. not opposed to probe against co-op. bank’

The State government is not against setting up of an expert committee to probe the financial irregularities in Sri Guru Raghavendra Cooperative Bank, which has affected over 40,000 depositors, Cooperation Minister S.T. Somashekhar said on Tuesday.

Responding on the issue in the Legislative Council, he said the government had to discuss with the RBI on setting up of the committee. He said multiple inquiries were currently on and ₹192 crore had been recovered while ₹871 crore was estimated to be the losses.

“Cases have been filed against employees and directors of the bank. The Registrar of Cooperative Society is coordinating with the RBI,” the Minister said.

Earlier, Congress member U.B. Venkatesh said ₹2,000 crore deposit belonging to about 40,000 depositors was at stake, and that the government needed to provide timely bulletins to the shareholders/depositors on the progress of the case.

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