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RBI fires chairman of another bank

Grindlays denies role in BSE scam
BOMBAY. May 30: ANZ Grindlays PLC has denied involvement in Bombay s stock* and securities scandal and said it saw no need to provide against possible tosses, reports Reuter
ANZ Grindlays has denied the existence of the alleged transactions, the banks General Manager for South Asia Ifob Edger said in a statement. ANZ Grindlays Is a subsidiary of ANZ Bank (ANZ. AX) of Australia
His denial followed Indian news agency and newspaper reported that Indias central bank the Reserve Bank of India (RBI), asked ANZ Grindlays to provide five billion rupees (192 million dollar) against possible losses In its transactions with the state-owned National Housing Bank.
An RBI spokesman said he could not confirm or deny those reports
The reports also said that the Reserve Bank also asked the State Bank of India to provide 7.22 billion (277 million dollar) against possible loses
with the National Housing Bank, a wholly-owned subsidiary of the RBI
The Housing Bank * Chairman. MD Pherwanl died of a heart attack last week after he w«s sacked by the central bank.
The scandal broke on April 22 when the State Bank of India disclosed that stock broker Harshad Mehta owed it 6.22 billion rupees against govern m> nt bonds he did not pos-
Mehla then reportedly paid the money back by using funds from a National Housing Bank cheque, drawn In favour of ANZ Grindlays, the United News India (UNI) reported.
ANZ Grindlays connection with this matter is only In re spect of cheques processed in the normal course of business, the bank's statement said.
Another report adds: India s central bank fired another chairman of a bank which it said was involved in the money and stock market scandal in Bombay.
The Reserve Bank of India (RBI) said In a statement It had asked the Chairman of Bank of Madura to step down end ap pointed an RBI official to su pervise its operations.
But the RBI said Bank of Madura's financial position was "Intrinsically sound and there is no cause for concern for the depositors."
RBI earlier thl* week launched liquidation proceed Ings against the privately-held Bank of Karad and sacked the entire board of director* of the state-owned Metropolitan Co operative Bank for manipulating deals on government bond
The Central Bureau of In-veatigation is probing possible collusion between bankers and : stock brokers to channel money from the government bonds market to the Bombay bourse.
Fraudulent or uncovered Banker's receipts — permis sory notes Issued by a bank to pledge delivery of government securities — have been at the heart of the 30-billion (US one billion dollar) scandal.