The heart burns being witnessed among the customers of Thane-based CKP Co-op Bank found reflections in the ruling of the Bombay high court recently. The High Court observed,without mincing words that all is not well with the cooperative bodies in Maharashtra.
Mismanagement of cooperative credit societies across Maharashtra has lately assumed frightening proportions. Official sources say about 5 hundred of such societies are in crisis causing thousands of small depositors to panic.
The Bombay High Court recently asking the state govt. to spell out the measures it intends taking to prevent these credit organizations from collapsing has widely been hailed.
The court was hearing a petition filed by the MNS unit of Jalgaon district over the sorry state of affairs prevailing in cooperative credit societies in Maharashtra.