Bank of Maharashtra (BOM) is involved in a massive financial scam in its branches in Assam. Several leading students and social organizations in the state have demanded a high-level and impartial probe into the incident to ensure safety of customers’ hard-earned money and transparency in the banking sector. They also demanded to identify and take exemplary legal action against the corrupt officials involved in irregularities of huge amount of money.
For the past few days, there have been allegations of irregularities in some branches of the bank regarding loan disbursement, account management and fund allocation. A spokesperson of the protesting organizations told the media that such misuse of public funds is unacceptable and it is the responsibility of the administration to bring the real culprits to justice. They further said that only through an impartial investigation into the massive financial irregularities, the real truth will emerge and confidence in the banking system will be restored among the common customers.
According to sources, it is suspected that the funds were exhausted due to the connivance of unscrupulous circles and internal officials of the bank. There is no doubt that these irregularities will have an adverse impact not only on the bank customers but also on the financial environment of the entire state. The unions are already planning to submit a formal memorandum to the Reserve Bank of India (RBI) and the Union Finance Ministry seeking their attention.
Bank of Maharashtra authorities are yet to officially respond to the complaint. It remains to be seen in the coming days how the government and regulatory bodies like RBI initiate investigations based on these serious allegations and what preventive measures are taken to protect consumers.
