Sri Guru Raghaendra Co-operative Bank (Representational Image)
Sri Guru Raghavendra Cooperative Bank in Bengaluru hit by substantial NPAs
BENGALURU:
On Thursday, ACB officials raided Sri Guru Raghavendra Cooperative Bank’s office at Basavanagudi, another office at Chikkalasandra, and residences of the retired CEO Dr. K. Ramakrishna and the bank president.
The bank has been in the news recently for not complying with RBI regulations.
Meanwhile, the bank’s customers staged a protest on Thursday demanding their deposits back, and were later dispersed by the police.
Sri Guru Raghavendra Cooperative Bank has 12 branches in Bengaluru and estimated deposits of around Rs 2,400 crore.
The bank has controversially lent around Rs 1,700 crore. A case has been filed in the Karnataka High Court over the bank’s alleged irregularities.
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