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.
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