IMPHAL, June 25: The Imphal Urban Cooperative Bank, IUCB is on the threshold of collapse due to widespread corruption and mismanagement, accused IUCB Share Holders’ Welfare and Development Association (IUCBSHWDA) on Monday.
The future of IUCB is now totally unknown due to rampant corruption and mismanagement committed by Board of Directors (BODs) of the bank, Th Bimol, secretary, IUCBSHWDA told media persons at the Manipur Press Club here.
IUCB was ranked ‘A’ grade status in the recent past but after an inspection report from the RBI revealed on March 31, 2012, it has been downgraded to ‘C’ grade status, said Bimol.
He also accused the authorities of the bank of recruiting new staff despite a ban from RBI.
The BDOs of the bank have spent about Rs 1 crore in the construction of second floor of the bank located at MG Avenue here, he further accused.
Bimol further urged the state Chief Minister to impress upon the concerned Minister to initiate inquiry into the matter.