Cashew Corporation deposits govt fund in private bank

Kollam: Even after many agencies including CAG report pointing out rampant corruption, nepotism and inefficiency in Cashew Development Corporation, the authorities here seems to be least bothered. Latest in the series of incidents is depositing of Rs 15 crore in a private bank, flouting all prescribed norms. Out of Rs 30 crore allotted to the Cashew Development Corporation the other day, Rs 15 crore was deposited in a private bank. The order of the Financial Department makes clear that money should not be deposited in private, co-operative or public sector banks. The money should be deposited only in government treasury. The circular was also issued making clear that all PSUs should follow the guideline.

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