private banks misusing CSR funds in order to attract FDs, alleges MSCB
MUMBAI, Nov. 8 -- The Maharashtra State Cooperative Bank (MSCB) - the state's apex cooperative bank - has urged the Reserve Bank of India (RBI) to probe alleged malpractices by private banks in the use of their Corporate Social Responsibility (CSR) funds. In a letter to the RBI Governor, MSCB administrator Vidyadhar Anaskar alleged that private banks are using the CSR funds to dole out goods to local government bodies, such as zilla parishads and municipal corporations, in lieu of fixed deposits.
The apex cooperative bank claimed this move severely impacted the deposit growth of cooperative banks. P5...
To read the full article or to get the complete feed from this publication, please
Contact Us.