.........“An inquiry by the Joint Registrar of Cooperative Societies had proved that the bank had violated several provisions of the Act. It had introduced a one-time settlement scheme for loans without the permission of either the National Bank for Agriculture and Rural Development (NABARD) or the Reserve Bank of India. The bank had waived the principal amount of loans of several defaulters in violation of guidelines. It was also found that the bank had repeatedly advanced loans to Naranja Sahakari Sakkare Karkhane, which was a regular defaulter,” Mr. Ali said.....
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