Gandhi Coop Bank chairman dismisses rumours of irregularities

Vijayawada: Chairman of Gandhi Cooperative Bank Vemuri Venkatrao made it clear here on Sunday that there were no irregularities in the activities of the bank.

Addressing the media, Venkatrao said that two directors, who had been elected unanimously in the 2022 elections, lodged a complaint with the State Cooperative department against the chairman Venkatrao and CEO K Siva Prasad stating that the duo had been taking unilateral decisions. They had also instigated four bank customers to forward the same complaint.

Referring to the complaint, Venkatrao said that the executive committee had unanimously decided to start a new branch at Visakhapatnam and a team of four directors went to Visakhapatnam after they had received proposals from five property owners. They zeroed in on one property at Pedagantyada.

Everything was transparent and there were no irregularities. The bank had extended a recoverable advance of Rs 3 lakh for renovation of the bank branch building and Rs 28 lakh to establish infrastructure like strong room door, currency chest, lockers and computers, electronic and electric appliances.

The Cooperative department inquiry into the complaint is going on, he said.