Banks: PIL Alleges Fraud at CKP Bank

A public interest litigation filed in the Bombay High Court has alleged a Rs500-crore fraud at the Mumbai-based CKP Cooperative Bank through illegal disbursement of loans.

 

It may come up for hearing before Justices VM Kanade and PD Kode, said petitioner Shreeprakash Neel. The registrar of cooperative societies, on receiving complaints, appointed an administrator to run the Bank in 2012.

 

An audit that followed revealed that the board of directors, general manager and other senior officials had illegally sanctioned loans of crores of rupees which turned into non-performing assets.

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Retirement: EPFO: Mandatory To Provide Workers’ Bank Account Numbers

Employees’ Provident Fund Organisation (EPFO) has made it mandatory for firms to provide their employees’ bank account numbers (with IFSC code of the bank branch) to facilitate allotment of universal PF account number and payment to its subscribers. EPFO has asked over 120 of its field offices to seek the core banking account numbers for seeding these with the portable universal account number (UAN).

 

EPFO’s central provident fund commissioner KK Jalan said that these directives will help in getting the bank account details of all members necessary for making UAN operational. EPFO has already captured the bank account details of 180 million employees, PAN details in respect of 869,000 employees and Aadhaar number in respect of 282,000 employees.

 

EPFO’s ambitious project to provide portable UAN to its subscribers will be launched on 16th October. Government will also launch a unified web portal LIN (labour identification number) for simplifying regulations and bringing transparency and accountability in labour inspections by various agencies under the administrative control of the labour ministry.

 

Prime minister Narendra Modi is likely to launch the LIN web portal and UAN on 16th October, according to a plan chalked out by the labour ministry.

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