The apex cooperative bank has a vast network in the state and lends finances to district cooperative banks as well as sugar and other cooperatives, which are the backbone of the rural economy.
The bank was under the control of the NCP leaders, and Ajit Pawar was virtually the boss when it came to the bank’s management.
Last week, the board of directors of the bank was dissolved by the Reserve Bank of India (RBI), which appointed two administrators, citing poor financial health and gross irregularities.
Published 13 May 2011, 17:30 IST