Non-banking companies opened their branches in Bhojpur without permission

Kumar Rajiv Nayan

Ara: On the direction of Registrar, Cooperative Society, Bihar, District Cooperative Officer (DCO), Bhojpur, Manoj Kumar Singh has formed a two man committee comprising District Statictics Officer (DSO) and Block Cooperative Officer (BCO), Ara,  to inquire into the Non-banking companies running in Bhojpur district with impunity under Multi-State Cooperative Society Act. The investigating team inquired into ‘Smridh Jeevan,’ ‘Rainbow,’ ‘Central Bank of India Credit Society and others.

The probe team detected a number of anomalies. These companies had opened their offices at different places in Bhojpur district without getting permission from the District Magistrate and also not working as per the standard set for them and luring customers to deposit their money into these banks.

DCO Manoj Kumar Singh said that Registrar, Cooperative Society, Bihar, had on November 10, 2015, ordered for inquiry into the working of the Non-Banking Companies running in the district under section 108 of  Multi State Cooperative Society Act, 2002,  and Bihar Cooperative Society Act 1935. He said after getting permission from the Bhojpur DM, he formed a two man committee for the purpose.

The probe team found that three branches of the Central Bank of India Credit Society at Ara, Dhobaha and Bihia, never sought permission from the DM before opening of its branches in the district and luring the customers to deposit money in the bank which is illegal. On the report of the investigating team, Registrar, Cooperative Society, Bihar, directed the DDC to lodge an FIR against the secretary, employees and agents of this non-banking company. The DCO  said investigation is still going on and added largescale anomalies might be detected in almost all the non-banking companies registered under Multi State Cooperative Society Act running in Bhojpur district and action would be taken after the probe team submits its report.