According to bank sources, the staff of the bank’s Biratnagar branch had lent Rs 1.8 million to 28 customers by accepting land in Bakhuri as collateral. Similarly, the staff at the Itahari branch had lent Rs 2.40 million to 25 customers against collateral that was later found to be actually a rivulet.
“After the scam was revealed, the bank’s central office recovered the money from the employees responsible,” said a bank official.
When the bank found out about the malpractice, it suspended branch manager Sahananda Sah and other staffers including Nawaraj Dhakal, Tikaram Dahal, Suraj Neupane, Rajesh DC, Ram Prashad Bhattarai, Subash Regmi and Binod Bhattarai for their alleged involvement in the loan deal. A bank official said that after the Survey Office, Biratnagar and Inaruwa confirmed that the plots of land that had been put up as collateral were in fact rivulets, action was taken against the staffers. The source said that the loans had been okayed when Sah was the chief of both the branches.
The bank lifted the suspension against the employees after recovering the money and fines from them. According to the source, the bank has recovered the principal amounting to Rs 3.87 million and Rs 1.7 million in interest and fines.
They repaid the loans by accepting the collateral when the bank auctioned it off, according to the source. “Although the collateral was purchased in the name of others, payment was made by the bank employees,” said the source.
“Our plan was to recover the loans and we did it,” Rajesh Sharma, executive director of the bank. After recovering the money, the bank reinstated the officials. PGBB maintains 31 branches in Morang, Sunsari, Jhapa, Saptari, Siraha and Udaypur districts. It has lent Rs 9.35 billion to more than 36,000 poor rural women.
source:the kathmandu post,10 Oct 2013
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