The board of Nashik District Central Cooperative Bank has been dissolved by the Maharashtra government. The bank provoked the govt to take an extreme step as it indulged in various alleged irregularities and violation of the Nabard guidelines.
Meanwhile, a govt functionary has been made the administrator of the bank.
The Chief Minister Prithviraj Chavan is being kept posted on the developments.
Sources say the administrator would soon take necessary steps to repair the bank’s financial situation as well as make preparations for a free and democratic election.