Solan, Oct. 25 -- Tightening its noose around the defaulters of The Baghat Urban Cooperative Bank here, the police today arrested a resident of Bisha village as part of the ongoing crackdown following restrictions imposed by the Reserve Bank of India (RBI) on the bank.
Solan SP Gaurav Singh said that the Court of Collector-cum-Assistant Registrar, Cooperative Societies, Solan, had issued an arrest warrant under Section 75(A) of the Land Revenue Act, 1954 against Ravinder Nath, a resident of Bisha village of Kandaghat sub division of the district.
The accused had taken a business loan from the Baghat Bank but failed to repay it within the stipulated period.
Gaurav Singh said that the total outstanding liability, including interest, amount...