Proceedings for Refund of Deposits to Mahila Bank Depositors with Adarsh Credit Institutions – Cooperative Minister Dilip Valse Patil.

Mumbai : The state government is actively working to ensure that depositors of Adarsh Nagari Cooperative Credit Union and Adarsh Nagari Mahila Cooperative Bank in Chhatrapati Sambhajinagar district get their deposits refunded. Cooperative Minister Dilip Valse Patil informed the Assembly that instructions have been given to the District Collector to auction the seized assets of the bank’s Board of Directors, who were involved in malpractices, to facilitate refunds to depositors. Member Haribhau Bagde made a noteworthy suggestion regarding this matter.

Minister Valse Patil explained that due to the mismanagement by the Board of Directors, both Adarsh Credit Union and Adarsh Nagari Mahila Cooperative Bank faced significant troubles. The audit and special report of the credit institution revealed serious issues such as embezzlement, misappropriation, fraud, and the disbursement of cash credit loans without justification. A case has been filed against 55 individuals involved. The Cooperative Department’s inquiry into taking action against the concerned individuals is in its final stage. Out of the properties owned by the organization, three have been sold, and actions are being taken to refund the deposits to the depositors.

Members Prakash Solanke, Babanrao Lonikar, and Narayan Kuche also participated in the discussion regarding this significant suggestion.