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We failed to report fraud to Nabard on time: HP State Co-op Bank

We failed to report fraud to Nabard on time: HP State Co-op Bank Bank received awards at the hands of Nabard Chairman last year! Reacting to the news of monetary penalty of Rs 40 lakh imposed by RBI on Himachal Pradesh State Cooperative Bank Managing Director Dr. Pankaj Lalit admitted the omission on the part of the bank and said, “We failed to report the fraud to the Nabard on time, which forced RBI to impose penalty on us”. The MD who took over in 2018– much after the incident of fraud, was candid enough to share how the money was defrauded by a few unscrupulous elements of the bank.

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