Maharashtra cooperation minister Chandrakant Patil has once again underlined the need for holding re-election to the Kolhapur district central cooperative bank (KDCC), where 10 directors are set to be disqualified as per the recent amendment to the Maharashtra Cooperative Societies Act 1960, says a report by Times of India.
Sources say as tainted persons cannot contest next two elections of any cooperative society, this is likely to keep a group of political heavyweights away from any electoral proceedings. Most of these powerful politicians belong to the Indian National Congress, sources say.
The central cooperative bank is the most powerful financial institution in the district as all the credit flow in the rural areas goes through it.
Patil has always maintained that unless the tainted leaders are removed from their positions, financial institutions would continue to remain dysfunctional, he said.