NIC Bank Vault Capacity For Rs 10 Cr, But It Showed Rs 122 cr

Mumbai: New India Cooperative Bank’s Prabhadevi branch here had a capacity to keep Rs10 crore at a time, but the cash in hand book showed there was Rs122.028 crore in the safe on the day of RBI inspection, police have said. The Mumbai Police’s Economic Offences Wing (EOW) is conducting a probing into the embezzlement of Rs122 crore at the New India Cooperative Bank and has so far arrested three persons, including two former top executives of the lender.

The Reserve Bank of India’s (RBI) inspection team visited the corporate office branch of the bank at Prabhadevi on February 11, where they found Rs122 crore cash was missing from the safe, an official said on Tuesday. The balance sheet at the corporate office branch was showing Rs133.41 crore at the bank’s safe at Prabhadevi and Goregaon branches, and Rs122.028 was the figure on the balance sheet of Prabhadevi branch on that day, he said.

During the probe, the EOW found the capacity of the safe at the corporate office to store cash was only Rs10 crore, and they actually found Rs60 lakh in the vault.