It has come to light that Finsharp Cooperative Bank, an urban cooperative bank allegedly operating from Dombivli, East Mumbai, is running without proper authorization.
Reports indicate that the bank claims to have received a Certificate of Registration from the Reserve Bank of India (RBI) in June 2024, raising serious concerns about its legitimacy.
The issue surfaced when the Maharashtra State Cooperative (MSC) Bank discovered that Finsharp Cooperative Bank was offering an unusually high 12.5% interest rate on deposits, an unsustainable and suspiciously high return in the current financial landscape.
Acting on these concerns, MSC Bank Administrative Board Chairman Vidyadhar Anaskar conducted a personal investigation, uncovering that the bank was allegedly operating illegally with the sole intention of defrauding unsuspecting investors.
Following these revelations, MSC Bank filed a formal complaint at the Dombivli Police Station, prompting the police to launch an inquiry and seek clarification from the RBI. Reports suggest that earlier, several Urban Cooperative Banks (UCBs) in Thane had also raised complaints regarding Finsharp Cooperative Bank’s unauthorized operations.
Meanwhile, sources indicate that after the inquiry began, the bank’s official website became inaccessible.
Indian Cooperative has obtained proof, reportedly in the form of an RBI-issued Certificate of Registration letter, which was previously uploaded on the bank’s website. Additionally, the website listed the bank’s directors as Kiran Patil, Manish Sawhney, Anil Sinha, and Satish Patil.
It has also been gathered that in January 2025, Finsharp Cooperative Bank placed an order worth Rs. 17.96 lakh with the Nagpur-registered office of Trust Fintech Limited for CBS software.
Authorities are expected to take further action as investigations progress. Stay tuned for updates.