Mumbai: MU recovers Rs 142 cr deposited in Yes Bank

Finally, the Rs 142 crore which was deposited in Yes Bank by the University of Mumbai (MU) in February 2020 has been recovered by the varsity. Along with this Fixed Deposit (FD) amount, Rs 6 crore accounting to interest charges have also been recovered, said MU officials during its annual senate meeting on Friday.

A total amount of Rs 148 crore has been recovered following an inquiry initiated against financial mismanagement by the then Deputy Registrar Accounts of MU Rajendra Ambawade. In March 2020, Suhas Pednekar, Vice-Chancellor (VC) of MU had constituted a five-member fact finding committee headed by senate member Sanjay Shete to probe the decision of depositing funds in the private bank.

On Friday, Ravindra Kulkarni, pro-Vice Chancellor of MU (PVC) said, "We have recovered the FD amount of Rs 142 crore. In addition, we have also recovered an amount of Rs 6 crore on account of interest charges. The amount was recovered based on findings and reports submitted by the fact-finding committee."

Supriya Karande, senate member of MU who had raised this issue in last year's senate meeting said, "There has to be coordination and transparency between the finance and accounts department of the university. Also, MU should involve senate member in the loop while taking major decisions."

Sanjay Shete, chairman of the fact-finding committee, said, "We have submitted the final report to MU. Our inquiry is still going on to check other discrepancies."

In February 2020, MU had deposited Rs 142 crore in Yes Bank in three instalments. During last year's senate budget meeting, the senate members demanded an inquiry in this matter as the privatised bank faced action from the Reserve Bank of India (RBI). Senate members have recommended that all FDs of MU should be put in nationalised banks in the future.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal