Media Release

Udupi, Dec 7: The Board of Directors of Mahalakshmi Co-operative Bank has welcomed the order from the Registrar of Co-operative Societies, Karnataka, to conduct a statutory inquiry under Section 64 of the Co-operative Department regarding its loan approval processes. The board has assured full cooperation with the department's investigation.

The bank clarified that it is open to any high-level inquiry whenever "baseless allegations" are made against it. The inquiry under Section 64 aims to resolve doubts regarding the veracity of these allegations and provide members and customers with a clear picture of the bank’s transparent operations.

In a press statement, the board alleged that certain individuals, unable to accept the bank’s growth, are attempting to create confusion among customers through baseless accusations on social media and press conferences. The bank has already initiated legal action against such individuals to address these defamatory claims.

The inquiry is expected to reaffirm Mahalakshmi Bank’s commitment to transparency and accountability in its operations.