As desired by RBI, the Maharashtra government recently dissolved the board of directors of Solapur District Central Co-operative Bank and put it under an administrator, reports Hindustan Times.
Sources say, the bank controlled by an NCP politician had suffered gross financial irregularities.
Following complaints of financial irregularities, Nabard had conducted an inspection of the bank and submitted its report to the RBI.
The NPA of the bank rose to a whopping Rs 342 crore with Rs 650 crore liberally disbursed as loans to individuals and others.
