Corporation Bank CMD counters CVC charges

By | July 5, 2011

A recent press report said that Mr. Ramnath Pradeep, Corporation Bank Chairman and Managing Director have disproved charges of inappropriately sanctioning big-ticket loans. He said that the bank’s net non-performing assets (NPAs) would not have been below one per cent of the total advances if the allegations were true.

Reports said that the finance ministry had called for explanation from the chairman and managing director on the basis of a report by the Chief Vigilance Commission (CVC) on irregularities in disbursing loans. The CVC, after complaints of irregularities in the disbursement of loans from the bank, had sent a special team in May to the bank’s headquarters to investigate the irregularities.

Mr. Ramnath Pradeep said that the ministry has just asked for a clarification, and that the bank has prepared its response. He said the bank was aiming to eliminate NPAs by the end of this financial year.

The country’s largest public sector bank offering loans such as home loan, personal loan, educational loan, vehicle loan etc is preparing to respond to CVC charges.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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