Maharashtra govt has dissolved Nashik District Central Cooperative Bank as all the directors of the bank are facing charges of corruption, reports Free Press Journal. Joint Registrar Milind Bhalerao has taken over as the administrator.
The charges are misappropriation in CCTV purchase, illegal recruitment of staff and security personnel.
Sometime ago, the Cooperatives department had carried out an inquiry into the bank’s activities and urged the govt to dissolve the bank.