Corruption in Cooperative Banks: A Historical Concern
Corruption within cooperative banks has been a recurring issue across various regions and times, reflecting systemic weaknesses and the need for robust oversight. From the Punjab and Maharashtra Co-operative (PMC) Bank crisis to numerous other instances, the integrity of cooperative banking institutions has often been questioned.
Recent Revelations in Odisha
In a recent development, Odisha’s Cooperation Minister, Pradeep Bal Samanta, reported significant corruption in the state’s cooperative banking sector. Addressing the state Assembly on Wednesday, the Minister disclosed that misappropriations amounting to Rs 147 crore have been detected in 18 Central Cooperative Banks across Odisha.
Recovery and Actions Taken
Minister Samanta informed the Assembly that, of the Rs 147 crore, Rs 14 crore has already been recovered. The state government has taken decisive action against 521 individuals involved in these cases of misappropriation, demonstrating a firm stance against corruption.
Breakdown of Misappropriations
Detailing the extent of the corruption, the Minister highlighted the worst-affected districts:
Sundargarh reported the highest misappropriation, amounting to Rs 32.23 crore.
Sambalpur followed closely with Rs 30 crore in detected corruption.
Other significant cases included Rs 17 crore in Keonjhar, Rs 10 crore in Berhampur, and Rs 9 crore each in Banki and Balasore cooperative banks.
A Call for Stronger Oversight
The recent disclosures underscore the need for strengthened regulatory mechanisms and vigilant oversight in the cooperative banking sector. As Odisha grapples with this substantial financial malfeasance, it serves as a reminder of the broader challenges faced by cooperative banks nationwide.
Moving Forward
The Odisha government’s proactive measures in recovering funds and penalizing those involved are steps in the right direction. However, sustained efforts are crucial to prevent such occurrences in the future, ensuring the cooperative banking system operates with transparency and integrity.
(With inputs from agencies)
