News Karnataka
Wednesday, October 05 2022

Bengaluru: ‘3 institutions ready to take over scam-hit bank’

ST Somashekhar
Photo Credit : News Karnataka

Bengaluru: Three institutions have expressed interest in taking over the Sri Guru Raghavendra Sahakara Bank Niyamita (SGRSBN) and an expression of interest (EOI) has been sent to the Reserve Bank of India (RBI), said Minister for Cooperation S. T. Somashekhar. Congress MLC U. B. Venkatesh brought up the issue during the calling attention motion and claimed that thousands of depositors at SGRSBN and Sri Vasishta Souharda Bank were left in the dark because the probe was not concluded.

“Reconstructing the bank had been hindered by the lengthy auditing process. “The issue deserves serious consideration from the government. There have already been about 90 depositors who have passed away, and many are having trouble to even buying medicines. 

Speaking further he said, “The government must repay their money by auctioning off seized properties while they wait for some relief.” The Minister said that the CID is investigating the issue and that the CBI and ED are getting the necessary information. “The two highest borrowers, Jaswant Reddy and Ranjit Reddy have left the country, therefore we’ve asked the CBI to issue a red corner notice against them. A notice has been sent to 24 other highest borrowers to whom Rs. 892.85 Crore have been given,” he remarked.

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