Canara Bank Officials Chargesheeted

We have chargesheeted 14 officials including three general managers since our internal inspection and monitoring of around 10 corporate accounts found out complicity as well as negligence on their part said a bank official.

He told Business standard that two general managers, K R Acharya and P N Narayana Rao who were chargesheeted on the last day of their tenure in the bank, as per the amended Banking Regulation Act, are deemed to be under suspension until their names are cleared in an inquiry. The officers would also not be entitled for their terminal benefits.

K R Acharya was the most senior general manager of the bank who was tipped to become executive director four years ago but was not given the vigilance clearance sought by the Centre.

 

Acharya, as the head of the bank's mutual fund had reportedly helped scam-stained broker Pallav Sheth apart from leasing out his bungalow to the Mumbai broker for use as guest house during that period.

P N Narayana Rao was executive director of Canfina which was deeply struck in the scam resulting in the sponsor bank carrying the liabilities of over Rs 1000 crore even now.

All the fourteen have been given time to prefer an appeal if they so desire and domestic inquiry will begin soon a Canara Bank source said.

The other chargesheeted officials are T R Kini a deputy general manager, S B Vaidya, V P S Kamat, G A Shenoy, J Kamat and H G Naik.