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May 2, 2002 | 2050 IST
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Maharashtra to inspect 630 urban co-op banks

Reserve Bank of India on Thursday asked Maharashtra's Registrar for Co-operatives to supersede the board of Nagpur District Central Co-operative Bank Ltd even as the state ordered an inspection of 630 urban co-operative banks' dealings in government securities (G-secs) with brokers or any other entities.

"RBI has asked ROC to supersede the board and appoint an administrator for NDCCB, but a decision has not been taken with regard to Vardha District Central Co-operative Bank," RBI sources said in Mumbai.

A senior state government official said the government had already ordered inspection into the dealings of all 630 urban co-operative banks spread over the state, with brokers or any other entities for transactions in G-secs.

"We have slapped a show cause notice on Osmanabad Central Co-Operative Bank asking it why should ROC not dissolve its board in wake of its Rs 290 million exposure to alleged G-secs transactions with Home Trade," he said adding, "Maharashtra State Co-operative Bank and Pune's Janglee Maharaj Co-operative Bank are also likely to face ROC's wrath for dealings in G-Secs."

However, he added that in an informal inquiry, the top brass of Maharashtra State Co-operative Bank has denied involvement with any such broker-G-secs dealings, "but to be on a safer side the ROC will look into its books."

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