Mumbai: The Reserve Bank of India has asked the Registrar of Cooperatives of Maharashtra to supersede the board of the Pune-based Sadguru Junglee Maharaj Cooperative Bank.

This is the fourth cooperative bank - after Nagpur District Central Cooperative Bank, Wardha District Cooperative Bank and Osmanabad District Cooperative Bank - whose board has been scrapped after the gilts fraud involving the securities brokerage firm Home Trade.

Around 20 cooperative banks are understood to have lost over Rs 400 crore in the current scam.