Maharashtra state cooperative dept has sent notice to Mumbai District Central Cooperative Bank in Mumbai calling for explanation for alleged losses in the last financial year.
The charges include reduction in capital receipts, recovery of loans to sugar factories and corporate companies and loans to cooperative housing societies, reports HT.
The bank is chaired by BJP legislator Pravin Darekar who is the leader of opposition in the legislative council. The losses sustained by the bank in the last financial year amount to Rs 47.99 crore.
However, Darekar has rubbished the notice served by the coop dept as politically motivated.