Registrar of Cooperative Societies has suspended the managing Board of Warangal District Central Cooperative Bank in Warangal, Telangana for six months following complaints of mismanagement, reports a news outlet.
The suspension order has been issued under section 34 (1) (c) of TSCS Act, 1964. Warangal Rural District Collector has been appointed as the official administrator of the bank.
There are allegations of violation of the TSCS Act, Banking Regulation Act and guidelines of NABARD and TSCAB by the managing board of the bank.
When asked to explain violations committed, the board could not offer satisfactory explanations, cooperative sources are quoted as claiming.