Allahabad Bank cool to Marxist charges | india | Hindustan Times
Today in New Delhi, India
Jul 24, 2017-Monday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Allahabad Bank cool to Marxist charges

City-based Allahabad Bank seems to be unperturbed by charges made against it by the CPI(M) during the ongoing assembly elections.

india Updated: May 03, 2011 16:44 IST
HT Correspondent

City-based Allahabad Bank seems to be unperturbed by charges made against it by the CPI(M) during the ongoing assembly elections.

The bank had allegedly issued demand drafts worth massive amounts against cash payment. Allahabad Bank chairman and managing director JP Dua on Monday said that the management has not suspended or transferred any of the bank officials in this connection.

The CPI(M) recently alleged that a close associate of Trinamool Congress leader Mukul Roy drew two demand drafts worth R10 lakh from the bank’s main branch against cash payment, violating the Reserve Bank of India’s (RBI) stipulated guideline of restricting issuance of demand drafts against cash payment of up to Rs49,999.

The CPI(M) had further alleged similar issuance of five demand drafts worth R1.23 crore against cash payment from the United Bank of India (UBI), BBD Bag branch. Following this some concerned officials were transferred by the bank.

The Election Commission (EC) had directed the Reserve Bank of India to enquire into the conduct of the banks and asked the banks to respond to the charges by the April 29.

Refusing to furnish any details, Dua said that Allahabad Bank has submitted its reply to the officials concerned. “We have submitted our response to the RBI on April 29. We cannot reveal any further details. It is not right to divulge the details of any account,” Dua said.

Maintaining that there had been no irregularities in the functioning of the bank, Allahabad Bank’s executive director, D Sarkar, said that the question of transfer or suspension of any staff or officer does not arise at all.

“There have been no suspensions or transfers in our bank. There has been no irregularities and hence no need for transfers,” he said.

According to him, the bank is yet to receive a response of the letter they had submitted on the April 29. “We are still waiting for a response from the Reserve Bank of India (RBI). We are sure that there has been nothing wrong in our proceedings,” said the executive director.