Vasavi Latest Ap Co-Op To Go Bust

Another cooperative urban bank in Andhra Pradesh has plunged into crisis. Seven out of 12 directors of the Vasavi Cooperative Urban Bank, including the chairman and vice chairman, resigned en masse on Thursday night creating a vacuum in the management.

To add to the woes, about 400 employees of the bank started a strike today alleging that the directors of the bank have misappropriated funds, as a result of which all 18 branches of the bank remained closed on Friday.

With this, Vasavi added to the list of more than a dozen co-operative urban banks