MP Government Revokes Five-Year Ban Order on Bank of Baroda Within 24 Hours
The Government of Madhya Pradesh has cancelled its ban order on the Bank of Baroda from operating state government business for five years over non-compliance with official instructions.
Initially, the Madhya Pradesh Institutional Finance Commissioner issued a five-year ban order dated March 27, which mentioned some lapses in managing funds under the Chief Minister Kisan Yojana.
The bank was reportedly required to deposit nearly Rs 1,751 crore under a specific treasury receipt head. However, it is alleged that the bank did not follow these directions, causing financial and administrative loss to the state. As a result, the government issued an order imposing a five-year ban on bank from carrying out any government-related financial transactions.
This order was sent to all state-run bodies, financial authorities, departments, etc. However, after the bank submitted its representation to the authorities, the MP government revoked the ban on March 28, within 24 hours.
