Nashik District Central Co-operative Bank dissolved by RBI

Taking action against the Nashik District Central Cooperative Bank (NDCC) for alleged illegal recruitment, the Reserve Bank of India dissolved the NDCC Bank, while placing a Government Administrator on its management.According to sources, the RBI took action against the NDCC Bank under Banking Regulation Act 88 and 83.

BJP’s K D Aher was recently elected as Chairman of NDCC Bank, which was under cloud for alleged illegal recruitment of staff.MLC Apurva Hiray had also raised the recruitment issue during the Winter session of State Legislature, here. Joint Registrar Milind Bhalerao was appointed as the Government Administrator on NDCC bank.