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Our Bureau

New Delhi, Sept. 1 Punjab and Sind Bank (PSB) Director, Mr Harcharan Singh Josh, has resigned from the board of the bank, which is fully state-owned.

The Government order accepting his resignation was received by the bank a few days ago, sources in the Board said. Mr Josh, who was one of the five non-official directors in the bank’s board, had a face-off with the PSB Chairman, Mr R.P. Singh, over alleged favouritism in sanctioning Rs 150 crore loan without collateral and at lower interest rate to Orbit Resorts expansion project, which was being promoted by the son of a top political leader from Punjab.

Refuting the charges, Mr Singh had, in June this year, urged the Finance Ministry to reconstitute the Board and induct professional independent directors.

The PSB Chairman had contended that politically affiliated directors were attempting to frustrate the debt recovery measures of the bank and thwart the sale of debt through auction route.

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