PANAJI
Chief Minister, Manohar Parrikar, submitted the revised and earlier financials of Goa State Co-Operative Bank, while replying to a question tabled by Curtorim MLA, Alexio Reginaldo Lourenco in the ongoing monsoon session of Assembly.
Parrikar had also informed that 2011-12 financials of the bank were revised after taking into consideration remarks of the statutory auditor and resolution adopted by the general body of the bank.
Increased provisioning and more expenses under certain heads were the main reasons behind Goa State Co-Operative Bank reporting a massive loss of Rs 68.4 crore in 2011-12 after reporting a profit earlier.
Under the revised financials for 2011-12, Goa State Co-Operative Bank has reported Rs 13.78 crore as overdue interest provision and Rs 15.92 crore as provision for investment depreciation. Interestingly, these provisions didn\'t exist when the bank had earlier filed the financials.
Meanwhile, Goa State Co-Operative Bank also increased expenditure under few heads. These include additional expense of Rs 2.89 crore as interest paid on deposits, Rs 9.11 crore extra retirement benefits and Rs 14.65 crore additional expense for group gratuity insurance.
